New Jersey gambling fans rejoice as state officials have recently passed and signed a law making sports betting legal. Local casinos, like the new Party Casino NJ, and racetracks, like the Monmouth Park track, have now started accepting sports bets.
This important step taken by New Jersey not only allows sports fans to wager on their favorite teams but also provides the state with a new source of revenue. And the move could not come at a better time considering the World Cup has just started and football is by far the most popular sport in the world.
Casino and horse racing industries have been struggling for years in many US states, precisely because there were few possibilities to back them financially. Now, after a legal battle that lasted more than six years, there is finally a legal ground to monetize people’s interest in gambling and horse racing.
The United States Supreme Court has found that the 1992 federal law that had banned commercial sports wagering in most US states is unconstitutional. Nevada had been, for years, the only state where sports betting was legally allowed.
Though its neighbor Delaware opened the betting window earlier, the fact that New Jersey has now started accepting wagers too is of historic importance because it’s the first state where sports betting had been prohibited since the Supreme Court’s decision that passed the modified law.
What bettors need to know is that, in New Jersey, legal sports betting is allowed for most professional and collegiate sporting events, but people cannot place wagers on high-school or collegiate sporting events organized within the New Jersey borders or involving New Jersey-based teams. So college sports betting is allowed only if the game you want to bet on involves outside teams and is not played in New Jersey.
The very first wagers were placed on Thursday, June 14, when Governor Phil Murphy, a sports betting supporter who signed the proposed bill into law, broke the ice with his own bet at Monmouth Park’s William Hill sportsbook.
Many of you are probably wondering who will be offering betting services in New Jersey. Well, Monmouth Park and Borgata in Atlantic City, for starters, but it’s safe to say that many other sportsbooks will soon follow suit and start operations later in June or in July. At the moment, it seems that gaming facilities are waiting for the implementation of betting regulations and a clear taxation scheme.
Basically, the majority of the authorised properties in Atlantic City, along with the three racetracks – Monmouth Park, Freehold and The Meadowlands – will be able to offer sports betting in New Jersey.
Bets can be placed on pretty much any current or future sporting event, including MLB games, The World Cup, The US Open, Upcoming UFC bouts, Wimbledon, upcoming NFL games, and more.
The first sports betting sites and applications are due to launch later this summer, though, given that online betting will only be possible 30 days after the law has come into force. However, keep in mind that the state expressed its intention to ask for a 13% tax on online bets, versus an 8.5% tax on in-person bets.
Besides Delaware and New Jersey, several other states have already passed laws to lift the ban on sports wagering, including Pennsylvania, Mississippi, West Virginia and New York.