New Jersey panel backs sports betting bill

A bill that authorises casinos and racetracks in the state to operate sports betting has cleared a committee in New Jersey.

US.- The Assembly Tourism, Gaming and the Arts Committee has given the thumbs-up to a proposed sports betting law. The panel approved the bill that seeks a tax rate for sports bets at 9.75 per cent for bets placed at casinos and racetracks and a 13 per cent for those taken online.

A-4111, the bill cleared by the committee allows people over 21 years or older to place bets in person or online. The bill is sponsored by Assemblymen Eric Houghtaling. John Burzichelli, Ralph Caputo and Raj Mukherji and Assemblywoman Joann Downey. “This is about fairness, freedom, job creation and economic development,” Houghtaling said in a prepared statement. “Places like Monmouth Park and Freehold Racetrack have been left in the dark for far too long. Finally, this will no longer be the case.”

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.

“What a marvellous day for New Jersey,” Burzichelli said in a statement. “This will be a big boost for our economy. This will bring more people from in-state, out-of-state and abroad to Atlantic City and to our state’s racetracks. This will bring jobs to our state and help put an end to illegal wagering. I can’t hide my excitement for what’s in store.”