Both professional and collegiate sports will be available for punters to place wagers on. However, no collegiate events that involve a school from the state or takes place in the state can be wagered on.
For now all sports bets must be placed in person with mobile wagers also approved, but set to be introduced at a later date.
The tax rates are also include in the new legislation with casinos set to pay 8.5% of revenue from land-based wagers and 13% from online wagers. Racetracks are expected to pay an additional 1.25% of revenue from their online wagers. With all sports bets subject to a 0.25% federal handle tax.
Discussing the signing of the bill Governor Murphy said:”Today, we’re finally making the dream of legalized sports betting a reality for New Jersey. 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.”
Bets will be accepted from 10:30 in the morning on Thursday, with the first wager set to be taken at the New Jersey racetrack Monmouth Park.
Commenting on being the first venue to accept sports bet under the new legislation Dennis Drazin, Chairman and CEO of Darby Development the operators of Monmouth Park, said: “I look forward to the governor joining us at Monmouth Park Racetrack on Thursday morning to usher in a new era for New Jersey by placing the first bet”.
With Nevada already offering full-scale sports betting prior to the US Supreme Court decision to repeal PASPA, New Jersey now becomes the third state to offer sports betting after Delaware accepted its first wager last Tuesday 5 June.
New Jersey Senate President Steve Sweeney in a public statement showed his support for the Governors decision, saying:”We led the fight for sports betting and it is now happening. We will see sports betting get up and running and we intend to see that New Jersey continues to be a leader with a sports gaming industry that thrives. Our efforts will pay off.”
The decision is also great news for several operators who have begun to negotiate contracts to operate sports books at the states racetracks and casinos.
Recently William Hill secured a partnership with the Ocean Resort Casino to operate its new $6m gaming area.
Paddy Power Betfair agreed a long-term sports betting agreement with the Meadowlands Racetrack in East Rutherford.
DraftKings, the daily fantasy sports operator, has already applied for a New Jersey sports betting license following its partnership agreement with Resorts Casino in Atlantic City.
