Phil Murphy still waiting to sign New Jersey's sports betting bill
11 June, 2018, 23:44 | Author: Suzanne Horton
"You're providing less of an incentive to customers to enter or migrate over from a black market to legal and regulated channels", said Daniel L. Wallach, a lawyer from Florida who has followed New Jersey'ssports betting efforts.
New Jersey lawmakers gave final approved Thursday to a bill to legalize sports betting three weeks after winning the right to do so in a U.S. Supreme Court case. It allows betting on all professional sports, but it bans betting on collegiate athletics that take place in New Jersey or on college teams from New Jersey, like Seton Hall or Rutgers.
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.
"Sports betting, literally trackside, is a great addition to the excitement that is already being generated during our race weekends", said Mike Tatoian, Dover International Speedway's president and CEO.
The company plans to use the proceeds to strengthen its software engineering resources in order to better serve existing customers in the country. Drazin said it was possible because of a 2014 law the state enacted to get around the federal ban by allowing sports wagering at casinos and tracks without state regulation.
"I think it will increase revenue for the whole state", Belmar resident Phil Cola said. Following the official ruling of SCOTUS, every state now has the chance to make a decision whether to legalize sports betting across its gambling facilities or to retain its current position.
According to a statement released from Governor Phil Murphy's office late on Thursday, it's unlikely that the governor will sign the bill tonight, which would have allowed Monmouth Park to roll out legal sports wagering as early as Friday. "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". It would benefit the Borgata and three casinos owned by Caesars Entertainment.
Lawmakers are also making a second amendment to the measure - one that would allow the Golden Nugget casino in Atlantic City to allow such wagering.
New Jersey racetrack Monmouth Park says it's ready to begin immediately if the governor signs the legislation.
Fertitta thanked New Jersey for making the change and said he eventually hopes to convince state regulators to let the Golden Nugget take bets on basketball teams other than the Rockets, as Nevada regulators allow. The 1.25 percent add-on fee for tracks would be split among the host community and the county in which the track operates.
The state can also impose a 13 percent tax on internet sports bets, which could begin 30 days after the law goes into effect.
It will do likewise at Tioga Downs Racetrack in NY.
The bills were introduced after the mass high school shooting in Parkland, Florida, that left 17 people dead February 14.
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