New Jersey expected to OK sports betting law

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

Pennsylvania also prospectively legalized sports betting past year, but it could be months before regulations are in place that would allow sports books to open.

But the change allows him to offer bets on other sports except for basketball.

DE became the first state post-PASPA to roll out sports betting when it did so on Tuesday.

Adding to the confusion was an action the legislators took before approving the bill: They stripped out a provision that would have prohibited any casino or track from beginning to offer sports betting before the bill was signed. But we want to make sure we do it right.

Arizona would receive $35.8 million to $178.9 million in taxes from sports betting by 2023, according to a 2017 report from Las Vegas-based Global Market Advisors. The bill also specifically stipulates that no money will be paid to sports leagues, and bans the wagering on collegiate contests taking place within the state or involving New Jersey schools.

Murphy has publicly said he supports sports betting, but it's still unclear when he'll act on the bill.

Fertitta says he eventually hopes to persuade New Jersey to let the Golden Nuggets take bets on basketball teams other than the Rockets, which is what Nevada regulators allow. It is expected that two other major overseas sports betting operations-Ladbroke and bet365.com-will soon move to open operations in the state.

Evidence of how contentious the fight between New Jersey and the professional sports leagues was over the last decade was evident in committee hearing rooms on Monday.

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The remarks come a day after both houses of the state Legislature voted overwhelmingly to pass the bill, which would regulate and tax such wagering online and in person at the Garden State's casinos and racetracks. 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.

The commission's letter was sent to Dennis Drazin, Monmouth Park's operator, and the general managers of Freehold Raceway and New Meadowlands Racetrack in East Rutherford.

Monmouth Park racetrack has been particularly vocal about its desire to start taking bets on Friday.

Yesterday, the NJ senate approved a regulation to allow casino and online sports gambling. Internet betting would begin 30 days after the rest of the law takes effect. A clause to allow the Golden Nugget to participate was added to the bill Thursday.

Delaware, which already had limited sports wagers, rolled out full-scale betting on Tuesday.

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.

Attention now shifts to Mr. Murphy, who is expected to return to New Jersey later Thursday from an overseas trip. The development comes after last month's landmark Supreme Court decision that struck down the federal law banning wagering on sports teams, and days after DE became the first state other than Nevada to start offering Las Vegas-style wagering.

Now, any state is free to adopt laws legalizing it.

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