New Jersey to Start offering Lawful sportsbetting from Thursday

Yesterday reportedly saw New Jersey Governor, Phil Murphy (pictured), sign legislation into law that will allow the eastern state’s casinos and racetracks to offer sportsbetting on a wide range of collegiate and professional sports to anyone over the age of 21.

According to a Monday report from digital news content provider, NJ.com, the Democrat’s signature means that venues including the Monmouth Park Racetrack and the seven casinos in Atlantic City will be able to start accepting sportsbetting wagers from Thursday morning pending final approval of their licenses by the New Jersey Racing Commission.

The move follows last month’s decision from the United States Supreme Court that invalidated the previous Professional and Amateur Sports Protection Act (PASPA) federal sportsbetting prohibition with 60-year-old Murphy stating that it will allow casinos and racetracks in New Jersey to boost ‘their own long-term financial prospects’ by attracting ‘new business and new fans.’

“Today, we’re finally making the dream of legalized sportsbetting a reality for New Jersey,” read a Monday statement from Murphy. “This is the right move for New Jersey and it will strengthen our economy.”

Prior to the May 14 ruling from the US Supreme Court ruling, Nevada had been the only state to permit full-scale sports wagering while last week saw Delaware become the first to take advantage of the decision after it launched sportsbetting services at its three casinos.

“It’s history in the making,” read a Monday statement from Ralph Caputo, a Democratic member of the New Jersey General Assembly and a long-time advocate of bringing legalized sportsbetting to ‘The Garden State.’ “This is one of those moments when you’re pleased you serve as an elected official. This is in an instance where you provide something that’s good for the public, that’s good for the citizens, that cleans up an industry that needs to be changed and hopefully helps New Jersey’s economy.”

NJ.com reported that the legislation signed by Murphy forbids sportsbetting on high school contests or on any collegiate event taking place in New Jersey or involving one the state’s teams with all operations overseen by the New Jersey Division of Gaming Enforcement.

The Record newspaper earlier reported that all land-based sportsbetting venues in New Jersey will be required to hand over 8.5% of their proceeds to the state while an additional 1.25% levy is to be earmarked for use by host municipalities and counties or the Meet AC marketing campaign. The legislation signed into law by Murphy is to moreover permit properties to offer online sports wagering including via mobile some 30 days after they commence their more traditional service with all of these remote operations subsequently taxed at 13%.