New Jersey Legislature Approves Sports Betting Legislation Bill
It has only been a few weeks since the US Supreme Court cleared the way for states to offer sports betting but the race to go live and tap into this lucrative market is at fever pitch. The state of Delaware beat New Jersey to the punch and became the first to go live but New Jersey is keen to follow as they were pivotal in making this a reality.
All eyes are focused on Gov. Phil Murphy today as both the Assembly and Senate unanimously passed a bill that will permit sports betting in the Garden State.
It is now up to the Democratic governor to sign off but his spokesman made it clear that although the Governor wanted to act quickly, he also wanted to thoroughly review the legislation prior to signing off. Expectations are that state racetracks like Monmouth Park could already start taking bets in the next few days.
Key figures that were involved in leading the legal battle like former Senator Ray Lesniak believe that sports betting will assist Atlantic City in turning around and revivin g the local economy. He said, ” Today is the day that New Jersey gets the same benefits that Las Vegas does.During the Super Bowl or the NACC Tournament, in Las Vegas you can’t get a hotel room and Atlantic City is a ghost town. This will change that.”
The bill includes a tax rate for casinos of 8.5 percent plus an additional 1.25 percent payment to help market Atlantic City.