by Lisa A. Grimaldi | June 12, 2018
Gov. Phil Murphy of New Jersey has signed Assembly Bill 4111, allowing sports betting at New Jersey casinos and racetracks for certain professional and collegiate sports events. The estimated state tax revenues that could be generated from sports betting are projected at approximately $13 million in the first full year of operation.
"Today, we're finally making the dream of legalized sports betting a reality for New Jersey," said Murphy. "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 can accept wagers at a sports-wagering lounge on 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 seek to operate an online sports pool beginning 30 days after the effective date of the bill.
Individuals placing wagers must be at least 21 years of age. The bill also specifies that athletes, coaches, referees and other persons with potential influence or access to nonpublic information regarding sporting events are prohibited from placing bets on events overseen by the league in which they participate. Additionally, wagers cannot be placed on high-school sporting events or collegiate athletic events taking place in New Jersey or involving New Jersey teams.
The bill authorizes the Division of Gaming Enforcement and the New Jersey Racing Commission to issue emergency regulations for a period of up to 270 days to govern sports betting. These regulations will allow already-licensed casinos and racetracks to apply for a transactional waiver that will enable them to start offering the new betting options.
On June 13, the NJRC will hold a meeting to review regulations related to the establishment of sports betting at local racetracks. As soon as the commission adopts the regulations, the governor will be able to ratify the commission's decision and licensed racetracks will then be able to apply for the temporary waiver.