New Jersey Legislature preparing for legal sports betting

Anticipating a favorable U.S. Supreme Court ruling on sports betting, New Jersey lawmakers are already moving ahead with a plan to regulate and tax bets and winnings.

A bill introduced in the General Assembly, A3911, establishes the regulatory framework to license and operate sports betting at New Jersey’s casinos and racetracks. The bill regulates wagering on professional and collegiate sports either in-person or online.

Betting on sporting events that occur in the state would be prohibited. That would rule out bets on home games for the New York Giants, New York Jets, New Jersey Devils and New York Red Bulls.

No betting on any New Jersey college team would be allowed. This prohibition excludes collegiate tournaments, such as the NCAA men’s basketball tournament that occur outside the state, even if some of the individual games are held in New Jersey.

Read more: http://www.pressofatlanticcity.com/news/press/casinos_tourism/n-j-legislature-preparing-for-legal-sports-betting/article_669d20ee-8db3-5eca-9d66-d6ffa94ba2f5.html