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New Jersey Legislature approves sports betting in New Jersey

New Jersey Legislature approves sports betting in New Jersey

New Jersey moved one step closer to legalizing sports betting in New Jersey. The State Legislature voted to legalize sports betting and paved way for casinos and race tracks to take wages and fetch some revenue for the state.

Most likely it is now matter of days before cash can start changing hands at casinos in Atlantic City and at Monmouth Park Racetrack near the Jersey Shore.

The last remaining hurdle is that of Gov. Philip D. Murphy, a democrat who is in favour of sports betting but he has not confirmed when he would sign the bill.

Although Delaware has already opened its betting window where gambling is all set to get underway from Tuesday, New Jersey would be the first state to officially make sports betting legal in a state where it had been prohibited since Supreme Court's decision.

As all the states rush to legalize sports betting, as they expect the black market of sports betting to be worth $150 billion a year on the black market.

 In an effort to boost the revenues from the gambling halls, the law imposes an 8.5 percent tax on in-person wagers but it imposes a 13 percent tax on bets made on online or on mobile devices.

Online wagering would not begin until 30 days after the law gets signed.