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New Jersey’s Legislature Gives Green Light for Sports Betting
- June 11, 2018 By Oliver Young -
Last week was an extremely important one for the US gambling and betting industry. Namely, after the Supreme Court made a ruling that overturned a federal law and opened the gates for sports betting in the country, Delaware became the first US state to offer this service to consumers. Nonetheless, it was expected for other states to follow and in Thursday New Jersey’s legislature voted unanimously to pass a bill that regulates and taxes sports betting within the state.
Things, however, came to a bump on the road as the final confirmation for the bill must be given by the state’s Governor Phil Murphy, who refused to give it. Apparently, the Governor missed the chance to do it right the first time and promised signing the bill only after his counsel goes through it. Moreover, a provision has emerged stating that US casinos or racetracks accepting bets before the bill enters into force wouldn’t have a chance to obtain a gambling license after the bill is signed.
Therefore, the current situation in New Jersey, when it comes to sports betting at least, is pretty complicated. Experts have their eyes set at the Governor as well as the provision, which is now called a “poison pill” in US media.
“Sports Betting Sooner than Later in New Jersey” Governor Claims
Many are commenting on the new Governor’s decision not to sign the bill. As pointed out in the New Jersey online magazine, Murphy had the perfect opportunity to thank everyone who made the historic win possible for New Jersey as well as shake hands and take photographs with sports betting supporters. Instead, not only he refused to sign the bill, but also made it impossible for operators to start accepting bets and celebrate throughout the weekend because of the infamous provision.
Nonetheless, Phil Murphy claims that he supports sports betting and that New Jersey will soon become a US state to offer this service to its citizens. “We’re going to have sports betting sooner than later in New Jersey” he claimed as he expressed his excitement regarding the news. He tried to persuade the crowd that he wants sports betting and expressed hopes to be the one to place the first bet in the state. However, he highlighted that he wants to be sure that everything was done right first.
Both the Assembly and the Senate Unanimously Approved the Bill
Unlike the Governor, nobody had second thoughts in the Assembly and the Senate; namely, the both bodies unanimously approved the bill with respective 73-0 and 37-0 votes. The bill includes a high 13% tax on online sports betting wagers and makes it possible for operators to offer that service 30 days after the rest of the regulation is prepared.
Other interesting details from the bill include the 1.25% add-on for the promotion of Atlantic City as well as the 8.5% fee for all casino wagers. According to experts and legislators, this bill was necessary in order for New Jersey’s tax revenue and public funds to be improved in the years to come.