Legal sports betting this close to New York City now only requires crossing a bridge or tunnel to New Jersey, and then finding your way to the right highway.
Phil Murphy, Governor of New Jersey, signed Assembly Bill 4111 this week, allowing casinos and racetracks to now take bets on professional and college sporting events.
Last month, the Supreme Court overturned a federal ban on sports betting, deciding that it posed an unconstitutional infringement on each state’s rights. States are now allowed to legalize sports gambling if they choose to.
“Today we’re finally making the dream of legalized sports betting a reality for New Jersey,” said the governor in prepared a statement. “This is the right move for New Jersey, and it will strengthen our economy.”
New Jersey is the third state to offer sports gambling, joining Nevada and Delaware. Like New Jersey, Delaware is just now joining the sports betting industry.
Bets can be placed on all professional and college games unless the college game takes place in New Jersey, or the game includes a New Jersey college team. Bettors must be at least 21 years of age. The Borgata in Atlantic City and Monmouth Race Track in Monmouth, N.J. will have the first gambling parlors ready for business.
Those closely associated with a sport, i.e., team owners, coaches, players and referees, cannot bet on their own sport.
It’s expected that the new revenues from gambling will boost New Jersey’s economy, create more employment and bring more people from the state and out-of-state to their Atlantic City casinos and race tracks, where their gambling venues will be established. There will also be an online site.
Proceeds from bets taken at casinos and racetracks will be taxed at 8.5 percent, and proceeds from online bets will be taxed at 13 percent. Of course, some additional fees will apply, but the integrity fees that professional sports leagues, i.e., the NBA and MLB, requested have not been instituted.
The leagues believe that it’s reasonable for operators to pay each of the leagues 1 percent of the total amount bet on its games to compensate for the risk and expense created, and for the commercial value that their product provides them.