New Jersey Legislature Approves Sports Betting
A number of states are already preparing their respective legislation, while a lot of money is at stake, with all interested parties hoping to bring more funds to the coffers.
An Important Move
New Jersey has now finally legalized sports betting, completing a move that would allow all those 21 and older to bet on sports games at casinos and racetracks across the state, both in person and online.
The new law will introduce a tax rate of 8.5% form in-person betting, while the online betting tax is set at 13%. It should be noted that in-person betting carries a 1.25% fee to help the local communities.
The news arrives only a couple of days after Delaware decided to do the same, but it is a bit more important since New Jersey is the first state to make sports betting legal after the federal ban was lifted. Delaware was exempt form the ban imposed by PASPA.
Before reaching the Senate and the Assembly, the proposal was approved by three state legislative committees.
Experts say it is important to begin accepting online bets as soon as possible, in order to draw players away from the black market.
More Money for the State Coffers
It is still hard to say how much money will the state be able to earn from sports betting, with some estimates stating it could bring as much as $100 million during the first year alone. On the other hand, the state treasurer Elizabeth Muoio believes his amount will be substantially lower than these estimates and puts it at $13 million.
The amount of money that the state can expect to reap from sports betting is unclear. 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.
And although the National Basketball Association, Major League Baseball, and the Professional Golfers Association lobbied for a 0.25% „integrity tax“ to protect their games, the state’s lawmakers weren’t convinced it was necessary.
The last remaining obstacle is the signature of Governor Philip D. Murphy, but this should be a formality since Murphy is known as a supporter of sports betting. At this moment, there is no information on when will the bill be officially signed into law. Once the law signed, it will take another 30 days before online wagering becomes available to players in New Jersey.
Murphy’s spokesman Daniel Bryan stated the office of the governor was reviewing the bill and added he couldn’t say when would it be signed.
Bryan pointed out the Governor wanted to ensure the proposed regulatory scheme was fair and reasonable.
These are certainly interesting times for sports betting in the United States, but we can say with certainty that even more excitement awaits us in the coming months.
- G3 News Wire: http://g3newswire.com/us-new-jersey-lawmakers-closing-in-on-legalising-sports-betting/
- The New York Times: https://www.nytimes.com/2018/06/07/nyregion/sports-betting-new-jersey.html
- ABC News: https://abcnews.go.com/Sports/bills-legalize-sports-betting-jersey-await-approval/story?id=55728968
- Fox 29: http://www.fox29.com/news/bill-to-legalize-sports-betting-in-new-jersey-awaiting-gov-murphy-s-approval