Despite Federal Law, Sports Betting In NJ Around the Corner

October 17, 2012 at 11:34 am

Despite the federal law banning sports betting in all but Delaware, Montana, Nevada and Oregon, the Garden State is moving forward to allow sports betting in New Jersey. The final adoption of the regulations for sports wagering were published in the New Jersey registry on Monday. 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. The requirements for sports pool licensing are restricted to casinos, the four racetracks or a joint venture. All applicants need to identify a sports wagering lounge within the casino or racetrack. And the cost to apply for a license is $50,000 with a resubmission fee of $50,000 every five years.

“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.

Some casinos are already offering a taste of sports betting. Without putting any money up, people can win cash prizes with free football game picks promotions.

WATCH VIDEO:

The NCAA has pulled championship sporting events from New Jersey because the state is moving toward allowing sports betting. NJ Today’s Dari Kotzker (@DariNJTV) reports. Video courtesy of NJ Today.

Continue reading about the NCAA and sports betting at NJ Today…

NJ Today Managing Editor Mike Schneider sat down with John Forbes, president of the New Jersey Thoroughbred Horsemen’s Association, about what sports betting will mean for Monmouth Park Racetrack.

Forbes, who just completed the first season at the new Monmouth Park, said attendance was up even though their handle, or the total amount of money bet, was down a little over 10 percent.

“We had anticipated a much greater drop because of our lateness in getting the meets started and because we had to reduce our purses this year based on the limited ability to pay purses under the situation we have now,” said Forbes.

It has been a time of great transition for the race track since it became privatized this past May. Forbes credited loyal fans and said plans are in place to make Monmouth Park a destination for people across New Jersey and the country.

WATCH VIDEO:

NJ Today Managing Editor Mike Schneider (@SchneiderNJTV) sat down with John Forbes, President of the New Jersey Thoroughbred Horsemen’s Association, about what sports betting will mean for Monmouth Park Racetrack.

Continue reading at NJ Today…

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