Despite the dis-allowance by Federal Law, sports betting in NJ is around the corner as the state plans to license sports betting as soon as Jan. 9.
In its published regulations governing it on Monday, New Jersey ensures effective regulation and oversight of sports wagering, consistent with its longstanding nationwide reputation for maintaining integrity and instilling public confidence in gaming operations,” said David Rebuck, director of New Jersey’s Division of Gaming Enforcement.
The New Jersey Division of Gaming Enforcement says this publication marks one of the last legal steps needed to legalize sports betting in the state.
However the decision is coming under fire as the NCAA has pulled championship sporting events from New Jersey because the state is moving toward allowing sports betting.
The NCAA is “ludicrous and hypocritical” for moving five championship games out of New Jersey next year because the state plans to offer legalized sports betting, a spokesman for New Jersey Gov. Chris Christie said.
“The NCAA wants to penalize New Jersey for legalizing what occurs illegally every day in every state, and often with the participation of organized crime,” the spokesman, Michael Drewniak, told The Associated Press. “But the NCAA looks the other way for that?”
“It will be a big boost to the economy of New Jersey and be a big revenue generator for Atlantic City’s casinos or racetracks, which are hurting and save a lot of jobs and create some more,” says Senator Ray Lesniak (D-20), a prime sponsor of the sports betting bill.
However, any casino or racetrack that wants to implement sports wagering needs to apply for a “Sports Pool License “ and needs to identify a location to operate a sports wagering lounge within the casino or racetrack.
Proposed regulations set out requirements for sports pool licensing, restricting applications to casinos and racetracks or a joint venture of both. Applying for a license will cost $50,000, along with resubmission fee of $50,000 every five years.
“In keeping with New Jersey’s responsibility to fight compulsive gambling, half of the license fees will go toward prevention, education and treatment programs for compulsive gamblers,” said Rebuck.