New Jersey Gov. Phil Murphy signed a bill into law on Monday to allow legalized sports betting online and at the state’s casinos and racetracks—a month after the U.S. Supreme Court sided with the state in its landmark sports wagering case.
“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” Murphy said in a statement.
New Jerseyans could begin placing bets as soon as this week. The state’s Racing Commission will meet Wednesday to review regulations establishing sports betting at racetracks, according to the governor’s office. Once the commission adopts regulations, Murphy can ratify the decision and licensed racetracks can then apply for a temporary waiver to begin accepting bets.
New Jersey is the second state outside Nevada to allow sports betting after the high court struck down a federal ban on the wagers. Delaware began accepting bets last week.
The bill signing caps a seven-year effort by the state to bring Las Vegas-style sports gambling to the state’s struggling casinos and racetracks. New Jersey racked up roughly $9 million in legal bills in court battles against five of the biggest sports leagues, which sued to strike down the state’s sports betting laws.
State lawmakers sent the bill (A4111) on Thursday to Murphy’s desk, where it sat over the weekend; the governor was criticized for not taking action sooner.
“I’m thrilled to sign Assembly Bill 4111 because it means that our casinos in Atlantic City and our racetracks throughout our state can attract new business and new fans, boosting their own long-term financial prospects,” Murphy said in a statement on Monday. “This is the right move for New Jersey, and it will strengthen our economy.”
Sports betting is expected to bring $13 million into the state’s coffers this year. The new law imposes an 8.5 percent tax on the revenue generated from bets at casinos and racetracks. Online wagers, which can begin in 30 days, will be subject to a 13 percent tax.
Under the new law, those 21 and older can place bets on professional and collegiate games, though bets on collegiate games that take place in the state or involve New Jersey schools will be prohibited.