NJ Politics Digest: Not So Fast for Sports Betting in the State

Hold onto your bets, sports fans.

New Jersey officials expect sports betting to generate $20 to $30 million in tax revenue in the next fiscal year. Ethan Miller/Getty Images

When the U.S. Supreme Court announced its decision to strike down a federal law banning sports betting in most states, New Jersey seemed on the fast track to allow people to start laying their money down.

But now those efforts have been slowed down, and it’s the state’s politicians who are responsible.

The Asbury Park Press reports that Monmouth Park has put its plan to start offering sports betting on May 28 on hold after Senate President Stephen Sweeney said the state needed more time to establish regulations for the gambling.

Sweeney is the sponsor of a measure introduced this week regulating sports betting that specifically bans anyone who operated a sports pool in the year before passage of the legislation from receiving a state license, according to NJ.com.

The Senate’s next voting session is June 7, and Sweeney has issued a statement promising to move quickly on the measure, according to the Asbury Park Press report.

New Jersey officials expect sports betting to generate $20 to $30 million in tax revenue in the next fiscal year.

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NJ Politics Digest: Not So Fast for Sports Betting in the State