New Jersey Governor green lights sports betting

New Jersey Governor Phil Murphy has signed Assembly Bill 4111 allowing sports betting at New Jersey casinos and racetracks.

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

“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.”

Under the legislation, a licensed casino or racetrack may accept wagers at a sports wagering lounge at its premises, and can petition to operate a sports pool at a temporary facility during the construction of a sports wagering lounge.

In addition, licensed casinos and racetracks can apply to operate an online sports pool beginning 30 days after the effective date of the bill.

Other key points in the bill include:

Individuals placing wagers must be at least 21 years of age.

Athletes, coaches, referees, and other persons with 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.

The Division of Gaming Enforcement and the New Jersey Racing Commission can issue emergency regulations for a period of up to 270 days to govern sports betting allowing for already-licensed casinos and racetracks to apply for a transactional waiver that will enable them to begin sports betting.

The New Jersey Racing Commission will meet later this week to review and adopt regulations related to the establishment of sports betting at New Jersey racetracks, after which Governor Murphy will ratify the Racing Commission’s decision enabling licensed racetracks to apply for a temporary waiver to begin sports betting.

The State of New Jersey estimates that State tax revenues will reach approximately $13 million in the first full year of operation.