TRENTON – Two senators have introduced a bill to permit Atlantic City casinos and racetracks in the state to conduct betting on professional and collegiate sports.
Under S3113, sponsored by Sens. Raymond Lesniak and Jeff Van Drew, the Casino Control Commission would be allowed to grant licenses and the Division of Gaming Enforcement would regulate the operations.
Excluded would be college sporting events taking place in New Jersey, or any sporting event involving a New Jersey college team regardless of the location.
The legislation comes on the heels of the state’s effort to revitalize Atlantic City and a voter referendum earlier this month to approve sports betting in the state.
Among the proposal’s provisions:
The gross revenue a casino takes in from sports wagering would be subject to the 8 percent casino gross revenue tax, whose proceeds go to programs for seniors and the disabled;
The proceeds also would be subject to the investment alternative tax, in which 1.25 percent of gaming revenue goes to various economic development projects;
Sports wagering gross revenue realized by a racetrack also would be subject to an 8 percent tax to be used for programs for senior citizens and disabled residents, and also to an investment alternative tax identical to the one imposed on casinos;
The bill has been referred to the Senate State Government, Wagering, Tourism & Historic Preservation Committee