SPORTS BOOK LEGISLATION MOVES FORWARD

Legislation sponsored by Senators Raymond J. Lesniak and Jeff Van Drew that would allow licensed casinos in Atlantic City and racetracks throughout the state to operate sports wagering pools on professional and collegiate sporting or athletic events was approved by the Senate State Government, Wagering, Tourism and Historic Preservation Committee.

Club CalNeva, a Las Vegas based company which operates over 30 sports books and handles billions of dollars of bets, estimates that sports betting will bring in $1.3 billion in sports wagering gross revenues and $120 million in tax revenues for New Jersey.  It is also estimated that sports wagering could create thousands of new jobs for New Jersey residents.

The bill  would allow for casinos, racetracks and joint partnerships between casinos, racetracks and/or third parties to operate a sports wagering pool in a sports wagering lounge at a casino or racetrack.  It would allow for wagers to be placed by people over the age of 21 on a sports event in-person, or by New Jersey residents over the age of 21 who are present in the state by electronic device or via the Internet.  The bill would not permit wagers to be placed on college games that take place in New Jersey or on any game a New Jersey college team participates in regardless of where the game takes place.

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