It's official. New Jersey Gov. Phil Murphy signed Assembly Bill 4111 Monday, allowing sports betting at New Jersey casinos and racetracks for certain professional and collegiate sporting events.
New Jersey is now the second state after Delaware to allow sports betting since a Supreme Court decision cleared the way for such gambling.
“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” Gov. 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."
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Murphy signed the measure four days after the Democrat-led Legislature sent him the legislation.
State tax revenues that could be generated from sports betting are projected at around $13 million in the first full year of operation, according to the Governor's Office.
"This is the right move for New Jersey and it will strengthen our economy," Gov. Murphy said.
On Wednesday, the New Jersey Racing Commission will hold a meeting to review sports betting regulations at New Jersey racetracks.
Dennis Drazin, the operator of Monmouth Park Racetrack in Oceanport, near the Jersey shore, says Murphy will place the first bet on Thursday.
Three weeks ago, New Jersey prevailed in a Supreme Court case that struck down a federal law limiting sports betting to just four states.
Now, any state is free to adopt laws legalizing it. Analysts expect most to do so.