New Jersey Officially Legalizes Sports Betting

New Jersey Officially Legalizes Sports Betting

It’s official; the New Jersey Assembly and Senate has unanimously passed the bill that allows full-scale sports betting in this state, meaning a full-fledged industry in the Garden State is a go. This comes weeks after the US Supreme Court overturned the sports betting ban, allowing other US states to decide their own path concerning this division of gambling as well.

With Delaware going full throttle, legalizing sports betting within their borders, New Jersey is close behind. The bill only needs to be signed by the state Governor, Phil Murphy, in order to be officially instated. Gov. Murphy’s spokesperson said: “He said he wants to act quickly, but the legislation will be subject to the same thorough review that all legislation sent to him for signature is subject to.” The first online bets will be taken 30 days after the legislation is signed.

Once signed, this bill will open up a whole new world of betting in this state, with casinos and racetracks on standby for some time now, eager to begin their services and start raking in millions of dollars worth of revenue, which will bring a huge financial benefit to the state as well through taxes. Casinos’ sports betting tax rate is 8.5% and online wagers will be subject to a 13% tax.

Golden Nugget Casino, one of the largest in NJ, won’t be allowed to offer basketball services because it is owned by the owner of NBA franchise, Houston Rockets, this year’s Western Conference finalist. However, it will offer wagers on all other sports beside basketball.

Generally, professional teams and leagues are against these measures as they demand to be paid integrity fees in order to prevent corruption and match-fixings, but so far, their claims are just seen as demands for more money.

However, most industry figures are excited about the prospect of sports betting in the US, like Mark Frissora, Ceasars Entertainment CEO, who is certain that the US Supreme Court decision will prove to be a huge win for the gambling industry.