On Monday, the US Supreme Court overturned a law making sports betting illegal in most states. Now, New Jersey is poised to see sports gambling parlors open within weeks.
Here are five things to know about sports betting in New Jersey:
1) Politicians have been trying to bring sports betting to New Jersey for years.
In 2009, a state senator challenged the federal ban on sports betting in most states. Since then, New Jersey has been in and out of court, facing well-financed opponents like the NFL, the NCAA, the NHL and the NBA. The total cost to New Jersey taxpayers is $8.7 million, according to the Press of Atlantic City. Most of that money went to the law firm of Gibson Dunn, which made millions defending Bridgegate.
2) Sports betting is already legal in NJ. But it's not regulated.
There's no system in place for oversight, enforcement, or taxation.
A bill introduced by State Senate President Steve Sweeney would tax in-person sports bets at a rate of 8 percent, and 12.5 percent for bets made online. The proceeds would go to programs for seniors and people with disabilities, with additional taxes going to local government.
Sweeney said he wants the bill passed by June 7.
3) Casinos and racetracks are where the action will be.
Monmouth Racetrack, near Long Branch, is aiming to be the first to open. Jeff Gural, owner of the Meadowlands Racetrack, wants to start taking sports bets in time for the NFL’s 2018-2019 season.
Lobbyist William Pascrell III expects two soon-to-be resuscitated Atlantic City casinos to introduce sports betting: the Hard Rock (the former Trump Taj Mahal) and Ocean Resort (the former Revel.)
4) The winners: sports betting companies.
William Hill, the future operator of the Monmouth sports betting operation, saw its share price jump 13 percent, following the Supreme Court’s decision.
Two sports betting companies, Scientific Games and IGT, were enthusiastic supporters of the Republican Governors Association, when Chris Christie was in charge there in 2013 and 2014, contributing over $180,000 to the RGA in that period. Their stocks rose too.
5) The losers: Sports bettors.
The odds of a win in sports gambling can be much better than in games like poker or slots. But it’s a business, and the bookmaker (and the state) always take their cut. Plus, more opportunities to gamble means more people may become addicted