Monday, 20 August, 2018

Legislature in NJ passes sports bill

ImageMonmouth Park Racetrack in Oceanport N.J. will soon take bets on sporting ImageMonmouth Park Racetrack in Oceanport N.J. will soon take bets on sporting
Cassandra Castillo | 11 June, 2018, 16:28

We just got the bill.

A major bookmaking company has signed a contract to offer sports betting at tracks in New Jersey and NY.

Joshua Harris, who owns the Philadelphia 76ers and the New Jersey Devils, would get in under a clause allowing those who own less than 10 percent of a casino or gambling company to participate in sports betting.

If Monmouth Park or any casino does begin accepting bets on games, it will be without state regulation until Murphy signs the bill.

In New York, it is legal for the four casinos to take your sports bets as soon as the Gaming Commission gives its approval and issues regulations. Some lawmakers have estimated that wagering could yield as much as $100 million during the first year, but the state treasurer, Elizabeth Muoio, has put it much lower, at $13 million.

"Governor Murphy looks forward to closely reviewing the sports betting legislation that was recently passed by the Legislature", Murphy's press secretary, Dan Bryan, said in a statement.

Major League Baseball, the National Basketball Association and the PGA Tour want New Jersey Gov. Phil Murphy to "fix" the sports betting law on his desk to address concerns about the integrity of betting on their games.

Three of the professional sports leagues were not happy over the lack of "integrity fee" payments they say would help them police betting patterns and called for better information sharing.

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Both the Senate and the General Assembly passed the bill after a round of lobbying during the morning and the early afternoon. Monmouth Park in Oceanport, near the Jersey shore, has been particularly vocal about wanting to start taking sports bets on Friday, hoping to capitalize on a big weekend of horse racing that is likely to flood the struggling track with cash-laden gamblers, a spokesman for the track, John Heims, said, adding it "should know soon when we are starting".

Over the past six years, New Jersey has led the way among states in attempting to legalize sports betting.

DE is the first state outside of Nevada to offer full sports betting.

New Jersey lost numerous battles along the way but it has won the war, and New Jersey sports betting has just about arrived.

That would be a tiny drop in the bucket for New Jersey's proposed $37.4 billion budget for fiscal 2019, which is still being finalized.

Officials at the Borgata casino in Atlantic City, which has also said its sports betting operation is ready to go, did not immediately return a message seeking comment Thursday about whether they would launch, as well. Some Albany legislators are pushing to expand sports betting beyond casinos to race tracks, storefronts, online sports book operators, or some combination of these.

"We are grateful to the legislature for listening to our concerns and including the Golden Nugget in the sports betting legislation".

But that could change by the end of the day on Friday, depending on whether casinos and racetracks are willing to move on their own and ignore the state's Democratic governor, who has given no indication of when he might act on the bill. The Supreme Court case was the culmination of almost a decade of fighting to legalize sports betting in New Jersey. "The bill allows for the creation of non-transparent betting markets that deny sports leagues critical tools to monitor betting activity and conduct integrity investigations". That law - PASPA - was struck down, allowing states to legalize sports gambling, if they choose to do so.

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