New Jersey paves legalizes sports betting

Category : USA News
Updated On : June 13, 2018 06:39 AM
By Indian Times Daily

New Jersey Governor Phil Murphy on Monday signed a bill to legalize sports betting, opening the door for the state to begin regulating and taxing the activity at casinos and racetracks.

State gaming and racing regulators, which are scheduled to meet this week, still have to issue emergency regulations to cover the roll out at facilities that already have sports betting licenses.

Murphy’s signature positions New Jersey to be the second U.S. state to potentially roll out full-scale sports wagering, after Delaware last week.

Some states are rushing to implement sports betting in the wake of a U.S. Supreme Court decision in May that overturned a 1992 law banning it in all but a few places, including Delaware which had only allowed limited wagers.

Gross sports betting revenues at New Jersey’s casinos and horse racetracks will be taxed at 8.5 percent. After 30 days, the state will allow online bets as well, which will be taxed at 13 percent.

People placing bets must be at least 21 years old. Athletes, coaches, referees and other people with influence over games or access to confidential information are not allowed to bet on their own league’s sport.

Betting is also prohibited on high school and college games taking place in New Jersey or involving the state’s own such teams.

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