New Jersey Governor Signs New Sports Betting Bill into Law

New Jersey Governor Signs New Sports Betting Bill into Law

The wait for sports betting is finally over in the Garden State. After a regulatory sports gambling bill was passed Friday by the New Jersey Legislature, Governor Phil Murphy signed it into law late Monday afternoon.

In his historic official statement on the matter, Murphy recognized the moment as a dream come true not just for sports-loving New Jersians, but for the long list of state officials, representatives and business owners who fought so hard to make it happen.

“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey. 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.”

Monmouth Park Sportsbook To Open Thursday

According to recent reports Monmouth Park, a racetrack located in Oceanport and a gambling staple in the state, is primed to become the first ever location to accept legal sports bets this Thursday.

A tweet from ESPN Chalk’s David Purdum formally announced the racetrack’s plans to open the sportsbook. Also mentioned is former state Senator Raymond Lesniak who was another key contributor in the battle to bring sports betting to New Jersey. He joyfully announced his intentions to place a $50 wager on France to win the World Cup, which begins the same day the sportsbook opens.

It’s only fitting that Monmouth Park receive the honor of taking the first wagers, as its CEO Dennis Drazin has tirelessly worked for years to bring sports betting to the Jersey Shore and throughout the state.

When sports betting in New Jersey was just considered a remote possibility as the then-Christie vs. NCAA case reached the Supreme Court, Drazin was investing millions of dollars out of his own pocket to construct the William Hill Sports Bar. Now that bar gets to become one of the first working sportsbooks outside of Las Vegas.

“Today is a great day for New Jersey. After a thorough review of the legislation, Governor Murphy has taken decisive and swift action in the best interests of New Jersey’s economy and sports fans across our state. I look forward to the Governor joining us at Monmouth Park Racetrack on Thursday morning to usher in a new era for New Jersey by placing the first bet.”

Sweeney Excited for State to Be Leader

Steve Sweeney Senate President of New Jersey and GVP of the Ironworkers International Union was another key figure in not only fighting for the bill’s passage, but taking sports leagues who sought “integrity fees” to task.

Sweeney championed the power now granted to New Jersey to take the lead in the new American sports betting industry along with the opportunities and jobs it will provide for the state and gambling-heavy centers like Atlantic City.

“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. We can now capitalize on the opportunities we worked for with a new sector of sports gaming that will help 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.”

More about the Law

According to the regulations, sports betting revenues collected by legal gambling operators will be taxed at an 8.5 percent rate. A month from Thursday, online wagers will be allowed and open to be taxed at 13 percent.

All participants must be 21 years of age or older and no one with connection to the sporting events wagered on (coaches, players, refs) will be allowed to place bets. Wagering on high school and college sporting events taking place within New Jersey (Rutgers football and basketball games for example) will not be allowed.

Additionally, much to the ire of the upstart sports’ fans, the legislation contained a last-second ban on eSports wagering that has yet to be explained. The best effort at clarification comes in this article breaking down the decision where its reported that lawmakers faced questions about regulating the ages of eSports participants.

But without dwelling on the negatives, it’s certainly a well-deserved and long awaited day for sports fans in the Garden State. Indeed, a situation that many proponents of sports betting would have described mere months ago as a “best-case scenario” is unfolding right before their eyes.

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