New Jersey Just Legalized Sports Betting

New Jersey Just Legalized Sports Betting

On Monday, New Jersey became the latest state to allow sports betting.

Gov. Phil Murphy signed a bill into law that allows licensed casinos and racetracks to take bets and run pools in designated areas.

This comes after the Supreme Court struck down a federal law in May that effectively banned sports betting in most of the country.

That case stemmed from New Jersey, so it’s no big surprise that the state’s lawmakers didn’t waste much time changing the state’s law. agen sbobet And the Garden State is home to Atlantic City, which is chock full of casinos that will soon be able to take sports bets.

Casinos and racetracks will have to apply for a waiver to start taking bets. The governor’s office estimates the state could make $13 million in taxes from the first year of sports betting.

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The bill was passed by the legislature Thursday, but Murphy did not sign it immediately, and the state Racing Commission sent a letter to some racetracks warning them not to begin taking bets until he did so. The delay created uncertainty about when wagering would begin, and Murphy signed the bill Monday with little advance warning.

In the meantime, criticism of Murphy mounted. His delay in signing “will go down in history as one of the most bungled state policies anywhere, anytime!” Sen. Declan O’Scanlon R., Monmouth wrote on .

The New Jersey Racing Commission will meet to discuss regulations Wednesday, then create regulations that Murphy must ratify, according to the governor’s statement. After that, racetracks and casinos will be able to secure the waiver needed to begin betting.

Online sports betting cannot begin until 30 days after the bill was signed. Any racetrack or casino that is licensed can operate sports wagering, with one exception — if an owner also has a 10 percent or greater share in a sports team, the wagering lounge cannot take bets on any team in the league. This will likely affect the Golden Nugget Casino, whose owner, Tilman Fertitta, bought the Houston Rockets for $2.2 billion last year, and thus would be unable to offer bets on the NBA at the Golden Nugget. The bill also has a carve-out for the former Garden State Park racetrack in Cherry Hill that would allow the owners of the site to open a sports-betting parlor.

Without the federal ban in place, any state can vote to legalize sports betting. Pennsylvania has legalized the practice and is working to draft regulations that must be in place before books can open. License applications are currently open for casinos. Other states are also working on it, including New York, Mississippi, and West Virginia.

Staff writer Andrew Seidman contributed to this article.

 

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