Gov. Phil Murphy Signs Bill to Legalize Sports Betting in New JerseyTop Stories

June 13, 2018 07:48
Gov. Phil Murphy Signs Bill to Legalize Sports Betting in New Jersey

(Image source from: Politico)

Governor of New Jersey Phil Murphy has put his signature on a bill to legalize sports betting in the state. With the enforcement of this, a new regulating and taxing regime will come into consequence for casinos and racetracks.

"Our casinos in Atlantic City and our racetracks throughout our state can attract new business and new fans, boosting their own long-term financial prospects," Murphy said in a statement. "This is the right move for New Jersey and it will strengthen our economy."

The first bet will take place in Monmouth Park Racetrack, where the United States and the United Kingdom-based William Hill PLC has already made a sports book, on Thursday at 10:30 a.m., according to a park spokesman.

The emergency regulations still have to be issued by state gaming and racing officials to cover the rollout at installations that already have sports betting permits and which are scheduled to meet this week.

New Jersey becomes the second U.S. state after Delaware, to possibly roll out full-scale sports betting wagering.

In the wake of a U.S. Supreme Court in May that overturned a 1993 law banning it all but a few places, some states are rushing to implement sports betting including Delaware which had only allowed limited wagers.

After the period of a month, the state will as well allow online bets, which will be taxed at 13 percent whereas gross sports betting at New Jersey's casinos and horse tracks will be taxed at 8.5 percent.

The age of a person placing bets must be at least 21 years old. People with influence over the games, Trainers, Athletes, officials and who have accession to private information are not permitted to stake on their own league's sport.

Betting is forbidden on college and high school games taking place in New Jersey or pertaining the state's own such teams.

The New Jersey bill does not comprise any of the fraud-fighting provisions and they need to defend the integrity of games. Professional sports leagues, most of which fought states attempts to legalize sports betting for years.

By Sowmya Sangam

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