New Jersey Governor signs sports betting bill
Phil Murphy, Governor of New Jersey, has signed New Jersey’s historic sports betting bill into state law on Tuesday night.
Assembly Bill 4111 was signed by the Governor last night after being unanimously voted for in the state legislature the week prior.
The bill will allow casinos and racetracks in the state to take sports bets on their premises almost straight away. After 30 days both types of businesses will be allowed to apply for permission to offer both mobile and online sports betting.
The law states that betting is permitted on all professional sports. Betting on college level sporting events featuring New Jersey teams or venues is not allowed, but other college matches can be bet upon.
Currently, it will remain illegal to bet on esports and high school sports.
The bill has also set out a taxation framework for sports betting. Casinos will pay 8.5% tax on normal bets and 13% on those bets placed online. Racetracks will also pay the same amount of base tax, but will be made to pay a 1.25% tax payable on top.
Speaking after signing the bill, Governor Murhpy said:
Today, we’re finally making the dream of legalised 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.– Phil Murhpy, New Jersey Governor
The first bets will be taken at 10.30am on Thursday. The state has three racetracks and nine casinos, all of which could take bets on sports.
The licensing process and the fact that bets can only be taken at racetracks and casinos mean that bookmakers will be scrambling to make partnerships with these organisations.
William Hill, who have an operation at Monmouth Park racetrack, are currently the best placed bookmaker to capitalise.
However, Betfair has also been quick to act, announcing earlier in the week that it is to partner with Meadowlands racetrack in New Jersey and Tioga Downs in New York. Betfair is likely to use the recently acquired FanDuel brand which it acquired earlier this year.