The bill signed by Phil Murphy on Monday regulates and taxes sports betting in New Jersey.
US.- Governor Phil Murphy has signed the legislation to regulate and tax legalised sports betting in New Jersey. The legislature had previously approved the bill last week, paving the way for casinos and racetracks to be able to offer sports betting.
“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” Murphy said in a prepared statement. “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.”
The bill, that allows people over 21 years to place bets, sets a tax rate for sports bets at 9.75 per cent for those placed at casinos and racetracks and at 13 per cent for those taken online. Bettors can place money on both professional and collegiate events under the proposed legislation, which doesn’t include an integrity fee for sports leagues. The bill also establishes that the Division of Gaming Enforcement will be responsible for licensing and regulating the industry, while the New Jersey Racing Commission would be involved in racetrack approvals.
New Jersey became the first state to officially make wagering legal in a state where it had been completely illegal before the US Supreme Court declared the Act that prohibited states from legalising the activity unconstitutional. While Delaware last week became the first state to allow full-scale sports betting, it already had in place some type of sports betting offering.
Senate President Steve Sweeney said: “We led the fight for sports betting and it is now happening. We overcame multiple legal obstacles and withstood the determined efforts of opponents with a decisive victory in the Supreme Court.” He said that they’re ready to capitalise n the opportunities they worked for with a new sector of sports betting that will help the state create jobs, generate economic activity and be an important boost to the state’s casinos and racetracks. “We will see sports betting get up and running and we intend to see that New Jersey continues to be a leader with a sports gaming industry that thrives. Our efforts will pay off.”