SBC News Voice of the Sports Betting Industry
New Jersey is all set to begin its sports wagering business this week, following a years long battle, after Governor Phil Murphy signed Assembly Bill 4111, following Delaware’s lead on Tuesday of last week (June 5).
Allowing sports betting at the state’s casinos and racetracks for certain professional and collegiate sports or athletic events, local media is stating that Monmouth Park is to take the first bet.
The racetrack is mooted to begin accepting business this week (Thursday June 14) at 10.30am, just in time for the start of the FIFA World Cup in Russia.
Speaking of the development, Governor Murphy commented: “Today, we’re finally making the dream of legalised sports betting a reality for New Jersey.
“I’m thrilled to sign Assembly Bill 4111 because it means that 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. This is the right move for New Jersey and it will strengthen our economy.”
Under the terms of the new legislation a licensed casino or racetrack can begin accepting bets at a sports wagering lounge at its respective premises, whilst during such construction a petition can be submitted to operate its sports pool at a temporary facility.
In addition, licensed casinos and racetracks can also begin online sports operations 30 days after the bill comes into effect.
To partake in the activity of sports betting, individuals must be at least 21 years of age, with it also prohibited to place a wager on high school sporting events, or collegiate athletic events, taking place in The Garden State, or involving teams from it.
Furthermore Assembly Bill 4111 also states “the bill also provides that athletes, coaches, referees, and other persons with potential influence or access to non-public information regarding sporting events, are prohibited from placing bets on sporting events overseen by the league in which they participate.”
Set to be officially validated on Wednesday June 13, it is estimated that tax revenues generated from sports betting are to approximately be in the region of $13m in the first full year of operation.
