Excerpts
Gov. Phil Murphy signed legislation Monday to regulate and tax legalized sports betting in New Jersey opening the door for Atlantic City casinos and the state's racetracks to begin taking wagers as soon as this week.
The state Senate and Assembly
unanimously approved the legislation June 7. The bill was passed
following a nearly four-year legal battle with five major sports leagues
who challenged New Jersey's efforts to legalize sports gambling all the
way to the U.S. Supreme Court. On May 14, the court found the 1992
federal ban on sports betting to be unconstitutional.
New Jersey spent more than $8.7 million on legal fees fighting the NFL, NBA, MLB, NHL and NCAA.
Sports betting will be available to individuals 21 or older. The bill
prohibits athletes, coaches, referees and other people with potential
influence or access to nonpublic information regarding sporting events
from placing bets on sporting events overseen by the league in which
they participate. Additionally, wagers cannot be placed on high school
sporting events or collegiate athletic events taking place in New Jersey
or involving New Jersey teams.
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