New Jersey expected to OK sports betting law

Adjust Comment Print

The bill also bans betting on high school games and on the increasingly popular electronic sports leagues. The state's casinos and racetracks would be able to offer sports betting once the governor signs the bill.

"We are delighted to be up-and-running as the first - and now only - provider with a market ready solution for our partners in the new regulatory environment".

Murphy's office says the bill will get a careful review, but won't estimate when the governor will act on it.

"We believe the group's proprietary, omni-channel technology coupled with our extensive USA and worldwide operating experience and trading expertise, positions us for long-term success". Following the official ruling of SCOTUS, every state now has the chance to make a decision whether to legalize sports betting across its gambling facilities or to retain its current position. Monmouth Park Racetrack has been particularly vocal in its desire to begin taking bets on Friday, hoping to cash in on anticipated large racing crowds this weekend. Proponents of an immediate gambling expansion argue that if New Yorkers can't easily bet on sports here, they will just do it in New Jersey and give that state the added tax revenue.

GAN has reiterated its intention to launch online sports betting services in both New Jersey and Pennsylvania during the second half of the year. This Thursday has been chosen as the day on which the Senate and the Assembly hold their voting for the needed framework of the new sector. The NBA, MLB, and PGA recently claimed that if sports betting is legalized on a state level, they would want to receive some 0.25 percent of every wager placed on their games as a so-called integrity fee.

The state's casinos and racetracks are itching to start taking bets on sports now that New Jersey has won a U.S. Supreme Court case clearing the way for it and all the other states to do so. Some lawmakers have estimated that wagering could yield as much as $100 million during the first year, but the state treasurer, Elizabeth Muoio, has put it much lower, at $13 million. The bill would allow Atlantic City casinos and racetracks, including Monmouth, the Meadowlands and Freehold Raceway, to offer sports betting.

The Dublin-based bookmaker Paddy Power Betfair agreed in May, after the US high-court's ruling, to merge its USA business with fantasy sports giant FanDuel. He technically has 45 days to act on the NJ sports betting legislation, although it's not likely to take anywhere near that amount of time to gain his signature.

DE is the first state outside of Nevada to offer full sports betting.

Murphy, who has been feuding with legislators over priorities in the state's budget, would not signal whether he would sign the bill - or even when he might decide.

"There will be ample benefits to legal sports wagering in New Jersey", said Assemblymember Joann Downey (D-Monmouth). A clause to allow the Golden Nugget to participate was added to the bill Thursday. "The bill allows for the creation of non-transparent betting markets that deny sports leagues critical tools to monitor betting activity and conduct integrity investigations". Now, any state is free to adopt laws legalizing it, and analysts expect most to do so. One of the provisions directly impacts the Golden Nugget, which is owned by Tilman Fertitta, who also owns the Houston Rockets.