What to Know
- Gov. Phil Murphy signed a sports betting bill into law Monday allowing sports betting in New Jersey
- The legislation allows sports betting in New Jersey casinos and racetracks for certain professional and collegiate sports or athletic events
- Sports betting will start Thursday in New Jersey
Sports betting is officially a reality in New Jersey.
Gov. Phil Murphy signed a sports betting bill into law Monday allowing sports betting in New Jersey casinos and racetracks for certain professional and collegiate sports or athletic events.
“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” Murphy said in a statement.
The move makes New Jersey the second state after Delaware to allow sports betting since a Supreme Court decision cleared the way for such gambling.
Dennis Drazin, the operator of Monmouth Park Racetrack in Oceanport, near the Jersey shore, says Murphy will place the first bet on Thursday.
The Democratic governor signed the bill four days after the Democrat-led Legislature sent him the legislation.
Three weeks ago, New Jersey prevailed in a Supreme Court case that struck down a federal law limiting sports betting to just four states.
Now, any state is free to adopt laws legalizing it. Analysts expect most to do so.
According to Murphy, the law will attract new business and fans to casinos and racetracks throughout the state, boosting long-term financial prospects.
This is the right move for New Jersey and it will strengthen our economy,” he said.
The legislation dictates a licensed casino or racetrack may accept wagers at a sports wagering lounge at its respective premises, and can petition to operate a sports pool at a temporary facility during the construction of a sports wagering lounge.
Licensed casinos and racetracks can seek to operate an online sports pool beginning 30 days after the effective date of the bill, according to the legislation.
Individuals placing wagers must be at least 21 years of age.
Additionally, the legislation says that athletes, coaches, referees and other individuals who may have a potential influence or access to non-public information regarding sporting events, are prohibited from placing bets on sporting events overseen by the league in which they participate. Wagers cannot be placed on high school sporting events or collegiate athletic events taking place in New Jersey or involving New Jersey teams, according to the legislation.
The bill authorizes the Division of Gaming Enforcement and the New Jersey Racing Commission to issue emergency regulations for a period of up to 270 days to govern sports betting.
These regulations are to allow for already-licensed casinos and racetracks to apply for a transactional waiver that will allow them to start sports betting.
The estimated state tax revenue that could be generated from sports betting are estimated at about $13 million in the first full year of operation, officials say.