New Jersey regulators release sports wagering proposals
Licensed venues would be able to operate sports pool as early as this autumn.
New Jersey politicians have released a series of proposed sports betting regulations but without including provisions for online or mobile wagering.
The amended Casino Control Act and Casino Simulcasting Act permits over-the-counter (OTC) and account wagering at casinos and racetracks on “certain professional and collegiate sports or athletic events”.
Governor Christie confirmed plans to challenge the federal ban on sports betting last month, claiming regulation would reinvigorate the city’s ailing gambling industry by allowing sports betting at casinos and the state’s four race tracks.
Christie signed a sports betting bill in January, but it was believed that before implementing it, the state would attempt to overturn the 1992 Professional and Amateur Sports Protection Act (PASPA) US law banning the activity in all but four states “ Nevada, Delaware, Oregon and New Jersey.
However, Christie said the regulations his administration have issued are not intended to overturn this ban. He believes that if the move was opposed at federal level he would win on constitutional grounds. “If someone wants to stop us, then let them try to stop us,” Christie said last month, claiming sports wagering could be live by autumn. “Am I expecting there may be legal action taken against us to prevent it? Yes. But I have every confidence we’re going to be successful.”
New Jersey Senator Raymond Lesniak, who has tried to overturn the federal ban for the last few years, claimed last month that legal sports wagering in New Jersey could generate as much US$1.3bn in gross revenues and $120m in tax revenues for the state.
“The sooner you make an issue of New Jersey’s noncompliance with an unconstitutional federal ban, the sooner we can defeat that ban in the courts, and put New Jersey on the same competitive footing as the rest of the nation when it comes to sports wagering,” he said.
The proposed regulation fixes the initial application fee for a sports pool license at US$50,000, and a resubmission fee every five years of $ 50,000. It states that the fees charged to licensees for the issuance of and resubmissions for sports pool licenses should be offset by the revenues generated.
It also allocates 50% of any sports pool application or resubmission fee to the prevention, education, and treatment programmes for compulsive gambling. The New Jersey public now have 60 days to respond to the proposals.