While the United States Supreme Court is currently set to decide on a sports betting case involving New Jersey, a new bill has emerged in the state. The bill was introduced by Assemblywoman Joann Downey and Assemblyman Eric Houghtaling, with Assemblyman John Burzichelli acting as co-chair. The bill would create a regulated environment for sports betting to take place in the state.
Key points of the measure include the regulation of sports betting will be conducted by the state’s Division of Gaming Enforcement. Wagering would be allowed at racetracks and casinos of the state as well as with mobile devices.
The operation of sportsbooks at a race track would require approval by the state’s Racing Commission. The Commission would also have to approve an agreement between a casino and racetrack to operate a sportsbook jointly.
Sports betting cannot take place regarding college events in the state or any school based in the state. Any gross revenues earned via casinos and tracks will be taxed at 8% with online sports betting revenues taxed at 12.5%.
The new sports betting bill also includes an integrity fee, something that professional sports leagues have been pushing for. Sports leagues like the NFL, NHL and MLB would be part of a Sports Wagering Integrity Fund. The annual integrity fee will be equal to $7.5 million or 2.5% of the portion of gross gaming revenues that can be attributed to wagers placed on sports events.
Operators of sports betting will need to have a physical presence as well. Operators will not be allowed to only offer online or mobile sports wagering. Licensees will be required to have a physical location before they will be permitted to operate or accept wagers.
Fees are also set in the bill that must be paid by license holders. An issuance fee of $500,000 is currently listed in the bill and a renewal fee of no less than $250,000 must be paid each year.
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