New Jersey becomes the second state after Delaware to legalize sports betting since last month’s landmark U.S. Supreme Court ruling, uplifting the track’s fortunes and boosting Atlantic City’s appeal as a destination Opened up a new market for state-licensed gambling that is expected to .
After weathering days of criticism for not taking immediate action, Gov. Phil Murphy announced Monday afternoon that he had signed the bill into law. But while the bill will go into effect soon, Murphy’s office said no bets will be allowed until Wednesday, when the New Jersey Horse Racing Commission holds a meeting to review regulations related to the establishment of sports betting at New Jersey racetracks. said.
After the Commission has adopted the rules, Murphy can approve the decision and licensed racetracks can apply for temporary waivers to place bets. Dennis Drazin, chief executive of Monmouth Park, said Murphy plans to make the state’s first bet on Thursday morning.
“Today we finally made the dream of legalized sports betting a reality in New Jersey,” Murphy said in a statement. . “Because it means Atlantic City casinos and statewide racetracks can attract new business and new fans, boosting long-term financial prospects. It’s the right move.” Strengthen our economy.”
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Sports betting is expected to bring in $13 million in revenue to the state in its first full year through onsite gambling, which is taxed at 8.5%. Bills signed by Murphy allow sports betting in casinos, racetracks and former racetracks for those 21 and older. It also allows online sports betting for 30 days. Online bets have him taxed at 13%.
Gamblers may bet on all professional and college sports unless the college event is held in New Jersey or involves a New Jersey school. Betting on high school sports is prohibited.
But sports betting is worth as much or more than a draw to support New Jersey’s gambling industry. Racetracks have struggled to survive in recent years, and Atlantic City is trying to recover from increased competition from neighboring states opening casinos.
“I can’t stress enough how big a boost this is going to be for our state’s economy.” We are now able to get a portion of it so we can fund programs that benefit all residents, including those most in need, and bring jobs back to New Jersey. , will help revitalize Atlantic City.This is a big win.”
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Nevada was exempt from the 1992 federal ban on sports betting. But political leaders from both parties, led by former Republican governor Chris Christie, have waged a multimillion-dollar battle for much of the past decade to overturn the ban.
Despite winning a Supreme Court case last month, New Jersey has not moved with the speed expected to allow sports betting. became a state.
The New Jersey legislature sent the bill to Murphy last Thursday, and Murphy spent the weekend reviewing it. Lawmakers have criticized him for the delay, saying he’s spending state money. Still, lawmakers expect the new market to benefit New Jersey in the long run.
“We have led the battle for sports betting and it is happening now. Senate Speaker Stephen Sweeney, D-Gloster, said in a statement that the sports gaming sector will help create jobs, generate economic activity and boost the state’s casinos and racetracks. As we see sports betting take off, we hope that New Jersey will continue to be a thriving leader in the sports gaming industry. Our efforts will pay off. “
Monmouth Park operator Drazin said he wasn’t bothered by the slight delay in getting the bill into law. After fighting the ban on the legal side for several years, he said it was imperative that the state “get it right.” will compete with Lasinos and help extend the sales season, he said.
“We basically saved the industry,” he said.
In addition to Murphy, Dragin will be joined by former Senator Ray Rezniak, leader of the legal battle to overturn the federal ban, and Sweeney and Congressman Craig Sweeney to celebrate the start of sports betting in New Jersey. We are going to have Coughlin. He also said he never had a direct conversation with the former governor, but that Christie had an invitation.