Game On! Legislature Approves Sports Betting in New Jersey

Game On! Legislature Approves Sports Betting in New Jersey

Game On! Legislature Approves Sports Betting in New Jersey

The bill previously shut the Golden Nugget out of sports betting, but a change allowed it to offer bets on sports other than basketball.

It would set the sports betting tax rate for casinos at 8.5 percent, with an additional 1.25 percent payment to help market Atlantic City. State Senate President Steve Sweeney, a fellow Democrat, asked the owner of Monmouth Park racetrack, "Are we betting on it tomorrow?"

As it has been revealed, however, competitive video gaming and eSports would not be considered part of the legalized sports betting field. Monmouth Park in Oceanport, near the Jersey shore, has been particularly vocal about wanting to start taking sports bets on Friday, hoping to capitalize on a big weekend of horse racing that is likely to flood the struggling track with cash-laden gamblers. The bill is just waiting to be signed into law my Governor Phil Murphy, who today said he won't sit on it for too long. Churchill Downs also owns and operates, one of the leading account-wagering companies in the U.S. The partnership is expected to begin taking bets in the first quarter of 2019, the companies said at the time of the announcements.

Alito, a former U.S. attorney in New Jersey and judge on the U.S. Court of Appeals for the Third Circuit, also wrote, "The legalization of sports gambling requires an important policy choice, but the choice is not ours to make". The Borgata casino in Atlantic City is also poised to take bets as soon as Mr. Murphy signs the bill. Lawmakers of the state have expressed their disagreement with the proposed by major sports organizations integrity fee.

It will do likewise at Tioga Downs Racetrack in NY.

On May 15, Monmouth Park racetrack voiced its plans to begin taking wagers on sporting events starting May 28, two weeks after the Supreme Court's landmark ruling allowed states to make their own regulations on the subject. Internet betting would begin 30 days after the rest of the law takes effect.

The Assembly amended the bill to allow casinos that own more than 10 percent of a sports team to still offer sports betting, but only on sports other than those in which they own a team.

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Three casinos in DE started accepting sports wagers this week. That would let the Golden Nugget back in the game.

That would have affected the Golden Nugget, which is owned by Tilman Fertitta, who also owns the Houston Rockets of the National Basketball Association.

New Jersey lost numerous battles along the way but it has won the war, and New Jersey sports betting has just about arrived.

But that could change by the end of the day on Friday, depending on whether casinos and racetracks are willing to move on their own and ignore the state's Democratic governor, who has given no indication of when he might act on the bill.

New Jersey and other states are racing for a piece of the estimated $150 billion spent on illegal annual wagers in the United States, after the top court in May overturned a 1992 law that had banned sports wagering except in a few places, including Las Vegas.

The bill would allow Atlantic City casinos and racetracks, including Monmouth, the Meadowlands and Freehold Raceway, to offer sports betting. States are now free to pass laws legalizing gambling.

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