Sports Betting Gets Green Light in New Jersey

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Dennis Drazin | Equi-Photo

New Jersey Governor Phil Murphy signed a bill Monday that allows sports betting to begin at racetracks and casinos in New Jersey on professional and collegiate sporting events, four days after legislation was approved by state lawmakers and almost a month since the Supreme Court of the struck down a law banning sports betting in the United States. The move effectively ended a wait that has appeared frustrating at times for Monmouth Park, which was at the forefront of the push to legalize sports betting through the Supreme Court, but ultimately was forced to wait to begin taking bets during a legislative tangle in the Garden State.

“Today is a great day for New Jersey,” said Dennis Drazin, chairman and CEO of Darby Development LLC, which operates Monmouth Park on behalf of the New Jersey Thoroughbred Horsemen’s Association, on Monday. “After a thorough review of the legislation, Governor Murphy has taken decisive and swift action in the best interests of New Jersey’s economy and sports fans across our state. I look forward to the Governor joining us at Monmouth Park Racetrack on Thursday morning to usher in a new era for New Jersey by placing the first bet.”

In a Monday statement, Murphy said, “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.”

On Wednesday, the New Jersey Racing Commission will hold a meeting to review regulations related to the establishment of sports betting at New Jersey racetracks. Once the meeting is complete, Murphy will be able to ratify the Racing Commission’s decision and licensed racetracks will then be able to apply for a temporary waiver to commence sports betting.

With betting expected to begin Thursday at Monmouth, the Oceanport oval is in position to unlock a new revenue stream that will likely improve purses and race dates, according to Drazin.

 

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