New Jersey gives final OK to sports betting bill

The Legislature unanimously passed the bill that regulates and taxes sports betting at casinos and racetracks in NJ.

US.- New Jersey’s legislature approved a bill on Thursday to regulate and tax sports betting at casinos and racetracks. As the bill was unanimously passed, New Jersey could become one of the first states to legalise the activity after the US Supreme Court’s ruling in May.

The bill is now awaiting Governor Phil Murphy’s review, as his signature is required before wagers on sports can be made. According to his office, he will carefully review the legislative piece, but he is not expected to sign it this week.

The bill, that allows people over 21 years or older to place bets, sets a tax rate for sports bets at 9.75 per cent for those placed at casinos and racetracks and a 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.

While there was a possibility that Golden Nugget could be excluded from sports betting operations, as its owner, Texas billionaire Tilman Fertitta, is also in charge of the NBA’s Houston Rockets. However, the Assembly amended the bill to allow casinos that own more than 10 per cent of a team to still offer sports betting, but only on sports other than those in which they own a team. Golden Nugget would be eligible to take bets on sports such as baseball, hockey and football.

While Delaware this week became the first state to allow full-scale sports betting, it already had in place some type of sports betting offering. Therefore, New Jersey could become 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.