Governor Phil Murphy has signed legislation that allows sports betting at New Jersey casinos and racetracks.
Murphy did not have a public ceremony to sign the bill. In a written statement, he said he’s thrilled to sign it because it means Atlantic City casino and racetracks throughout the state can attract new business and new fans. He said it’s the right move for New Jersey and will strengthen the economy.
The administration estimates state tax revenues generated from sports betting could be about $13 million in the first full year of operation.
The new law authorizes the Division of Gaming Enforcement and the New Jersey Racing Commission to issue emergency regulations for a period of up to 270 days to govern sports betting. That will allow already licensed casinos and racetracks to apply for a waiver to being sport wagering.
Monmouth Park expects to start taking bets 10:30 Thursday morning.
The law requires that anyone who wants to place sports wagers be at least 21 years old. Bets cannot be made on high school sports or collegiate athletic events taking place in New Jersey or involving New Jersey teams.