.Passed March 2017. Bill would allow state to regulate sports betting under fantasy sports law. Latest news: New Jersey: S 3375: Bill would repeal sports betting prohibition. Latest news: New York: S 1282 A 5438: Bills would broaden legalization of sports betting. Latest news: Oklahoma: S 857: Bill would legalize sports betting as part of tribal gaming package.
- New Jersey’s new gambling laws stipulate that you must be 21 and older to participate in sports betting and with a few exceptions where 18 may be established as the stipulated minimum age, most other.
- Dec 25, 2020 December 25, 2020. (AP) — The new year could bring a resolution in a legal action that seeks millions of dollars from the major pro sports leagues and the NCAA stemming from their opposition to legalized sports betting in New Jersey in 2014. A federal judge’s ruling this month rejected an attempt by the New Jersey Thoroughbred Horsemen’s Association to recover more than $100 million in damages from the NBA, NFL, NHL, MLB and the NCAA after Monmouth Park Racetrack was.
New Jersey Sports Betting Law
On Tuesday, Governor Chris Christie signed a bill into law that legalized sports betting in the state of New Jersey. The only issue? There is currently a federal ban on gambling which will need to be overturned before this bill can officially be passed. If that law is overturned, it may set the precedent for other states to legalize betting in their own state — an appealing option to the many states running a budget deficit.
New Jersey voters supported this bill by a 2:1 margin in November and the bill passed through the state’s legislature last week, but bill S3113 took perhaps it’s biggest step to date when it was signed by Governor Christie yesterday.
Currently only four states — Nevada, Oregon, Montana and most recently Delaware — have legalized sports betting, and New Jersey is set to become the fifth. The law would allow betting on all collegiate and professional sporting events although bettors would be prohibited from wagering on in-state colleges such as Rutgers.
Sports betting revenue would be taxed at the same 8% rate that casino patrons typically pay on their gambling winnings. According to CBS News, a 1990s study indicated that sports’ betting is a $380 billion industry in the U.S. and many believe that the market has since grown to $500 billion since. That means legalized sports betting could theoretically inject $40 billion dollars into the economy.
This is obviously an important issue to sports bettors everywhere, and the team at SportsInsights will continue to monitor this situation as it progresses. You can receive breaking news updates like this in addition to betting trends and key injury updates by following us on twitter @SportsInsights.
New Jersey became the second state to legalize sports betting following the US Supreme Court ruling that overturned PASPA.
There was never any doubt New Jersey would go this route, but Gov. Phil Murphy made it official when he added his signature to the NJ sports betting bill that breezed through the state Legislature last week. The bill, A 4111, passed without a single no vote in either chamber.
Today, we’re finally making the dream of legalized sports betting a reality for New Jersey. This is the right move for our state and will strengthen our economy. pic.twitter.com/Dw3AIXnFGY
— Governor Phil Murphy (@GovMurphy) June 11, 2018
But what exactly did Murphy sign into law?
Here’s a comprehensive breakdown of the key components of the bill.
New Jersey Sports Betting Law Michigan
How soon is now?
Now that the law has been passed, New Jersey is wasting no time in joining Nevada and Delaware (which beat New Jersey to the punch by a week) as a legal sports betting state.
Land-based sportsbooks are expected to begin opening on Thursday.
Betting will begin at @MonmouthPark at 10:30 a.m., Thursday. Sen. Ray Lesniak (@lesniakinstitut) will be making the first bet, '$50 on France to World Cup. That's big-time for me.'
— David Payne Purdum (@DavidPurdum) June 11, 2018
This news was followed with Borgata Atlantic City announcing it would take bets shortly after Monmouth Park’s ceremonial first bet.
.@BorgataAC confirms it will accept first sports wager at 11 a.m. on Thursday inside the Race & Sports Book, special unnamed guest will place first bet
— David Danzis (@ACPressDanzis) June 13, 2018
Online and mobile products will have to wait a little longer, as there’s a 30-day moratorium on online wagering in the legislation.
“This act shall take effect immediately, except that provisions allowing online or Internet sports wagering shall take effect 30 days thereafter.”
How many sportsbooks are we talking about?
Per the law, each eligible entity (nine casinos, with Hard Rock Atlantic City and Ocean Resort Casino, and four racetracks) can operate up to three sports betting brands.
At full capacity, that works out to 39 sportsbooks, which might be overkill for the New Jersey market.
More likely, each facility will have one or maybe two physical sportsbooks and 1-3 online skins.
DGE gets the final call on interstate wagering agreements
New Jersey’s legislation doesn’t have a whole lot of concern when it comes to the 1961 Wire Act.
The new law has a provision that will leave it up to the state Division of Gaming Enforcement to determine if New Jersey is capable of entering into interstate wagering partnerships.
“Notwithstanding any other provision… wagers may be accepted thereunder or pooled with wagers from persons who are not physically present in this state if the division determines that such wagering is not inconsistent with federal law or the law of the jurisdiction, including any foreign nation, in which any such person is located, or such wagering is conducted pursuant to a reciprocal agreement to which the State is a party that is not inconsistent with federal law.”
Money, money, money
New Jersey Sports Betting Law
New Jersey chose to go with a bifurcated tax rate for land-based and online sports wagering.
The land-based sports betting tax rate is set at 8.5 percent of revenue. The rate jumps to 13 percent for online and mobile wagering.
As is the case with online gaming, casinos will pay an additional 2.5 percent tax on online wagers — 15.5 percent total — as part of the state’s Alternative Reinvestment Tax that is used to promote tourism in Atlantic City.
Tracks are required to pay an additional 1.25 percent of revenue from internet and mobile wagers — 14.25 percent total — to the Alternative Reinvestment Tax fund.
And of course, all legal US sports bets are subject to a federal excise tax of 0.25 percent of handle.
Several no-betting zones
Not surprisingly, licensed books won’t be allowed to take wagers on high school sporting events, not that they were likely to anyway.
College games held in the state of New Jersey, or games that involve a New Jersey college are also prohibited.
Additionally, the law prohibits esports betting.
There’s also a specific exclusion that will apply to just one casino, Golden Nugget. The casino is owned by Houston Rockets owner Tilman Fertitta. As such, it cannot take wagers on any NBA games. That’s several steps beyond the company’s self-imposed policy in Nevada, where Rockets games and wagers are off the board at Golden Nugget.
What’s not in the bill
New Jersey thumbed its nose at the professional sports leagues demands for an integrity fee.
Not surprisingly, there is no provision for an integrity fee in the law.
Thus far, none of the states that have passed legislation legalizing sports betting have included an integrity fee. And it’s a growing list:
New Jersey Sports Betting Law Change
- Nevada
- Delaware
- New Jersey
- West Virginia
- Mississippi