ibusinesslines.com October 18, 2018

New Jersey warns against premature sports bets

11 June 2018, 11:42 | Charlene Valdez

Monmouth Park’s William Hill Sports Book | Equi

Monmouth Park’s William Hill Sports Book | Equi

New Jersey is poised to be the third state to offer single-game wagers and futures betting in the USA, joining the Nevada sports betting and DE sports betting industries. Borgata and MGM officials would not comment on the sports betting legislation as it affects the company's basketball team.

In the state's fiscally stressed gambling hub Atlantic City, William Hill also plans to operate a 7,500-square-foot, $6 million sports betting area at the twice-bankrupt former Revel Casino Hotel, which is now called the Ocean Resort Casino and is set to open later in June.

"We are delighted to be up-and-running as the first - and now only - provider with a market ready solution for our partners in the new regulatory environment".

As it has been revealed, however, competitive video gaming and eSports would not be considered part of the legalized sports betting field.

State Senate President Stephen Sweeney originally included language in the bill that would keep casinos and tracks from accepting bets until Murphy signed the measure into law, putting a regulatory structure in place. Bettors will have to be at least 21, and no wagers will be allowed on collegiate events taking place in New Jersey, or on teams from colleges based in the state, no matter where the competitions are held.

Lawmakers rejected the integrity fee payments.

That means betting will technically be allowed to begin as soon as the state Legislautre passes the bill, which would determine how how the Garden State regulates and taxes sports betting online and in person at casinos and tracks. The track has loudly wanted to begin taking bets Friday.

NY might not be too far behind New Jersey, Overmyer reported.

Dennis A. Drazin, the operator of Monmouth Park Racetrack, is eager to get his license so he can start taking bets on Friday for the next game in the N.B.A. finals and the first game of the Yankees-Mets Subway Series. "Additionally, the bill does not require casinos or the regulator to notify sports leagues of potential match fixing or other improper conduct". That would let the Golden Nugget back in the game. That casino is owned by Texas billionaire Tilman Fertitta, who also owns the NBA's Houston Rockets. The expansion will allow for players to wager on football, professional baseball, basketball, hockey and other sports.

New Jersey's proposed sports betting law is heading down to the wire.

Gov. John Carney had the honor of placing the first bet, wagering $10 on the Philadelphia Phillies to beat the Chicago Cubs on Tuesday night.

But that could change by the end of the day on Friday, depending on whether casinos and racetracks are willing to move on their own and ignore the state's Democratic governor, who has given no indication of when he might act on the bill.

The bill would allow Atlantic City casinos and racetracks, including Monmouth, the Meadowlands and Freehold Raceway, to offer sports betting.

The premier trade show for the casino industry this year will include several sessions focused on sports betting after the U.S. Supreme Court struck down a federal ban dealing with the activity.

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

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