This Thursday saw the official voting for the Assembly and the Senate of New Jersey voting unanimously on the proposed bill which is set to see sports betting legalized within the borders of the state. Now the only thing left for it to actually come into effect would be for Governor Phil Murphy to place his signature on the proposed bill and businesses interested in developing in this field will have green light to commence operation.
New Jersey is one of the states that allow online gambling and reaps the benefits from this offering. Sports betting is considered the next logical step for the development of the gambling industry within the borders of the state. In order for this to happen, however, the state authorities have to work their way into the future field and provide a reliable regulation. It is needed in order to make the operation of all businesses easier and to provide the players with the protection necessary in order to make their pastime pleasant and secure.
This Thursday brought the long-anticipated vote of the officials which managed to pass the measure 73-0 and 37-0, making it known that the state is more than willing to give sports betting the well-deserved attention it should receive. Being one of the most ardent supporters of wagering on sports events, New Jersey’s decision comes as no surprise to anyone interested in the gaming field, as the state has expressed its desire to give sports betting a try for many years now.
Next Stop: Governor Phil Murphy
The only thing standing in the way of this was, of course, no other than the Professional and Amateur Sports Protection Act of 1992 which used to strictly prohibit all wagering on sports events up to this point, but ever since mid-May when the United States Supreme Court ruled to lift the ban, states have the right to make their own choice.
Following the vote of the Assembly and the Senate, the next step would be inking of the bill and establishing it as the new framework for the sports gambling sector. Gov. Murphy has been a supporter of the proposed bill ever since it was devised and he is expected to place his signature on it as soon as next week. However, before giving his nod he would want to make sure that all conditions are fair for the parties involved and the regulatory scheme is reasonable.
As previously discussed, the proposed tax rates for the sector are set in a way which is aiming not to cripple the operation of businesses. Many people were already preparing for the moment when many businesses, among which Monmouth Park, one of the most renown racetracks in the state, will commence sports betting offering, but they would have to wait.
There would be an 8.5-percent tax applied to businesses operating at brick-and-mortar facilities, whereas those who operate online would have to pay a 13-percent tax to the state. It should be noted that online betting is set to commence some 30 days after the legalization.
For the past six years, the state has been working towards this very goal and now lawmakers’ efforts have finally stepped closer to accomplishing the coveted legalization. Even though Delaware won the race and launched sports wagering this week, New Jersey officials have decided not to rush into anything and taking the needed time.