New Jersey Governor Phil Murphy Launches State’s First Sports Betting

The state, which is believed to have further opened its doors to legalized sports betting, began betting on Thursday.

New Jersey Governor Phil Murphy placed a $20 bet on Germany to win the World Cup and $20 on the New Jersey Devils to win the Stanley Cup next season at Monmouth Park Racecourse.

Joining Murphy was former state senator Ray Rezniak, who drafted the New Jersey sports betting law. It was signed into law in 2012, but the state had to wait until last month when the U.S. Supreme Court ruled that the Professional and Amateur Sports Protection Act of 1992 was unconstitutional. was able to unilaterally make its own decisions regarding

The state was devastated last Tuesday when Delaware, which previously offered the NFL parley card, launched its first single-game sports betting.

Sports betting also kicked off in Atlantic City on Thursday, with Hall of Famer Julius Irving making the first bets at 11 a.m. on the Borgata race and sportsbook.

Irving told reporters he believes New Jersey has a “quick learning curve” and “will succeed.” He also said he wanted to bet on the Philadelphia 76ers but “could have been against the rules” because he works for the team.

New Jersey is expected to be a big betting state, with William Hill US chief executive Joe Asher telling ESPN he expects the state to handle about $10 billion in bets at maturity. said there is. Asher warns that projections will depend on many factors, including whether legalization will keep gamblers away from bookmakers.

“People have a relationship with bookstores, and I don’t want to underestimate that,” Usher said.

William Hill helps the Delaware lottery run its sportsbook, while in New Jersey, the betting company has a joint venture with Monmouth Park.

Hundreds of gamblers flooded Monmouth Park. The park has 21 ticket windows where you can place bets.

Six of these windows are inside the sports bar, which opened on May 10, 2014.

The racetrack recently hired 48 people, including 31 ticket writers, to facilitate its sports betting operations.

New Jersey regulations prohibit betting under the age of 21 and exclude games involving New Jersey schools such as Rutgers University.

Like Delaware, New Jersey will soon offer mobile betting products. Similar to Nevada, there is a rule that all bets must be made from the state. New Jersey law stipulates that a gaming operator must wait 30 days from the signing of the bill to allow online gambling.

Expected amounts for bets made at Monmouth are substantial, but William Hill and Monmouth only win about 4.5% of total handles.

Dennis Drazin, CEO of Darby Management, which operates Monmouth Park, said he expects the sportsbook’s revenue to be 6.8% of Handle’s, or $68 million in revenue to $1 billion. Just over $20 million. And that is if the market is as strong as expected.

There are no bet limits, but like Delaware, anyone betting at least $1,000 on a side must be able to identify him or her to the ticket writer. Monmouth requires anyone placing a bet over $1,000 to have a rewards card to swipe when betting.

The Monmouth Park sportsbook is open until 1 AM Monday through Thursday and Sunday, and until 2 AM on Friday and Saturday.

Patrons visiting the sportsbook on race days and times must purchase a $5 general admission ticket and pay a $5 parking fee.

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