New Jersey’s fixed-odds sports wagering legislation gets Governor Murphy’s signature

New Jersey’s fixed-odds sports wagering legislation gets Governor Murphy’s signature

New Jersey Governor Phil Murphy has finally signed off fixed-odds sports wagering legislation that will grant legal status to controversial activity, allowing punters legally to place bets various sports and on horseracing events.

The democratic governor of the Garden State signed the legislation nearly one and half month after the measure was unanimously approved by the members of the state’s the General Assembly and Senate.

Gov. Murphy has long been a supporter sports wagering operations in the state. In 2018, he had openly expressed his support for the legalization of the wagering on a wide range of collegiate and professional sports for anyone aged 21 years or above in the state.

Dennis Drazin, the Chairman and Chief Executive Officer (CEO) for Darby Development LLC that runs the Oceanport-based Monmouth Park Racetrack, appreciated Gov. Murphy’s decision. He added that the change would allow punters to lodge via bespoke windows spread throughout the Monmouth County facility to enjoy fixed-odds sports wagering.

Commenting on the development, Drazin said, “We appreciate the continued support from Governor Murphy and the state legislature as well as New Jersey general Assembly Speaker Craig Coughlin and New Jersey State Senate President Steve Sweeney in advancing fixed-odds wagering.”

Drazin further added that he was quite hopeful that the upcoming fixed-odds sports wagering service would become very popular among punters.

The legislation destined to bring fixed-odds sports-betting to New Jersey was co-sponsored by N.J. General Assembly members Ralph Caputo and Ronald Dancer. The two assemblymen worked in partnership with Sen. Gopal and Sen. Sarlo to design and introduce the measure.

While some anti-gambling entities opposed the measure, proponents argued that addition of the new wagering option would help a lot to the state’s pandemic-hit struggling economy by creating new jobs and generating a new stream of tax revenue for the state exchequer.

The Garden State is home to roughly 9.3 million people, and it is expected to start issuing fixed-odds wagering licenses to sportsbetting facilities as soon as next month. However, the legislation is yet to receive obligatory approval from the New Jersey Division of Gaming Enforcement (NJDGE) and the New Jersey Racing Commission (NJRC). The famous Monmouth Park Racetrack, which inked a commercial partnership deal with Australia-based wagering technology firm BetMakers, will most probably be the first property to go live with fixed-odds wagering service.