So Where's NJ Governor Phil Murphy ?? ( Updated ) Murphy Signs Bill

[TheComputerGroup]

https://www.google.com/amp/s/www.legalsportsreport.com/21141/follow-nj-sports-betting-law/amp/




No betting on certain types of games



The NJ sports betting law puts in place a lot of limits on what types of wagers can be booked in the state. It limits or bans wagering on:

High school games

Collegiate games involving New Jersey-based teams or college games played at venues in the state.

Esports



The first point is going to be repeated everywhere, but the others may not be.

West Virginia, for instance, did not limit wagering on colleges (and neither does Nevada). If one of the goals of regulating sports betting is to compete with the existing black market, limiting wagers on NJ colleges or games played in NJ is a bit self-defeating.

The offshore sportsbooks and local bookies will still happily take action on those games if NJ does not. And the games that could have some of the highest amounts wagered on them in NJ are left to the black market.

Esports is also another strange one. People are still a bit afraid of esports as an emerging vertical, and seeking to limit wagering on esports seems premature. It would certainly be wise to handle esports carefully, but just banning it because it’s different isn’t a great idea. But still, esports found its way into a sports betting law, and other states might see something they want to copy.

There’s also the provision that limits casinos that own stakes in sports teams or leagues. Golden Nugget Atlantic City owner Tilman Fertitta also owns the NBA’s Houston Rockets. Under the new law, Golden Nugget can have a sportsbook, but it can’t offer NBA betting.

 

[Greenbacks]

I made my Monmouth park sports betting debut.

Went down to the beach at Point Pleasant. I was checking the lines and that Phillies-Mets game 1 line looked funky. So i headed over there on my way off the beach and made a small bet on the Mets and cashed. The place was okay. Bunch of seats and tables and T.V`s. Typical sportsbook. I was there from 3:45 until 7:30. Maybe 50 people the most.

 

[Greenbacks]

@)Meadowlands[FONT=&quot] Racetrack will open its legalized sportsbetting[/FONT][FONT=&quot] service on July 14, one day sooner than previously scheduled [/FONT]@)

[h=1]FANDUEL CONFIRMS ITS NAME WILL BE ON MEADOWLANDS SPORTSBOOK IN NJ[/h]

 

[Recon792]

Very nice

 

[Greenbacks]

[FONT=&quot]The post What to Expect at the Meadowlands’ FanDuel Sportsbook Launch appeared first on SportsHandle.[/FONT]
[FONT=&quot]The New Jersey sports betting scene will gain a new player Saturday morning when the Meadowlands Racetrack in East Rutherford, N.J., introduces the FanDuel Sportsbook at Victory Sports Bar & Club in a soft launch.[/FONT]
[FONT=&quot]The sportsbook will open at 9:30 a.m. for dignitaries and then to the general public at 11 a.m. “There will be 27 television screens and 10 sports betting stations,” FanDuel spokesman Kevin Hennessey said in an email Tuesday. “It features high-top tables, a VIP area, leaning rails, bar stools, sofas, and dining chairs.”[/FONT]
[FONT=&quot]Patrons will be able to wager on baseball, bet futures and proposition wagers on football, wager on Wimbledon and on the World Cup finals taking place on Sunday night between France and the winner of Wednesday’s England-Croatia match. The sportsbook’s opening is significant for a number of reasons, especially those related to geography.
[/FONT]
[FONT=&quot]Before we go into geography, one major milestone here is the official introduction of a heretofore daily fantasy sports operator into the legal U.S. sports betting market.[/FONT]
[FONT=&quot]Either the 1B or 1A to DraftKings in the daily fantasy business, while DraftKings has also landed a couple partnerships, FanDuel’s foray will come first.[/FONT]
[FONT=&quot]Tuesday, Meadowlands COO/general manager Jason Settlemoir confirmed in a conversation with Sports Handle that is indeed the FanDuel Sportsbook — and will not be branded in any way by the powerful Ireland-based bookmaker Paddy Power Betfair (PPB, or Betfair US), which in May announced its (pending) acquisition of FanDuel and the combining of their operations.[/FONT]
[FONT=&quot]“There will be 10 towers or windows with live tellers for sports betting, plus spots for parimutuel horse racing,” Settlemoir said of the physical setup of the facility, which is temporary for now and will expand by the end of August. “And two self-service terminals in there for parimutuel as well,” he added.[/FONT]
[FONT=&quot]Settlemoir would not speak to PPB’s and FanDuel’s discussions on branding, but noted PPB’s sizable investment in FanDuel and of the company’s value.[/FONT]
[FONT=&quot]“From an operator standpoint, the FanDuel name is totally recognizable within sports to people here in the United States,” he said.
[/FONT]
[FONT=&quot]As for geography, the Meadowlands is located in a very advantageous spot in the swamps of Jersey.[/FONT]
[FONT=&quot]“We’re only eight miles away [from midtown Manhattan], and that really makes us, at this point in time, the only game in the area where you can make a legal sports bet,” Settlemoir said. “This is exciting and a welcome opportunity for us here.”[/FONT]
[FONT=&quot]Previously, Jeff Gural, chairman of New Meadowlands Racetrack LLC and Tioga Downs LLC, expressed his thrill with the New York legislature’s failure to pass a bill legalizing sports wagering before the close of its session on June 20.[/FONT]
[FONT=&quot]“New York did me such a favor by not passing sports betting,” Gural told the Associated Press in June. “That leaves me the entirety of New York City, Long Island, Westchester County. There are 15 million people that live within 20 miles (32 kilometers) of the Meadowlands. They gave me a tremendous gift.”[/FONT]
[FONT=&quot]As as a result, the Meadowlands will stand alone in the highly-populated area at least through the football seasons and likely through March Madness in 2019.[/FONT]
[FONT=&quot]Also in the Meadowlands’ backyard — literally — is MetLife Stadium, home of the New York Giants and New York Jets, roughly 0.4 miles away.[/FONT]
[FONT=&quot]Another twist is that barring any oversight here, New Jersey will become the first state in which sports wagering is legal to host a regular season NFL game. While the Oakland and to-be Las Vegas Raiders have broken ground on their Nevada stadium, the Raiders will play at least one more season in California.
[/FONT]
[FONT=&quot]For our younger and/or non-northeastern readers, MetLife Stadium was formerly Giants Stadium and briefly the New Meadowlands Stadium when it opened in 2010. Both the stadium and the Meadowlands Racetrack are part of The Meadowlands Sports Complex.[/FONT]
[FONT=&quot]As recently as December 2017, the NFL argued publicly and in the United States Supreme Court that sports wagering was a threat to the integrity of, and a scourge on their game. Meanwhile the league also held regular season contests in London, where there’s sports betting kiosks on nearly every street corner.[/FONT]
[FONT=&quot]The NFL has since “evolved” on sports betting, put simply. Will the Giants and Jets get the league’s blessing to allow advertising of or to promote the Meadowlands sportsbook at their games?[/FONT]
[FONT=&quot][Also See: What Happens When Everyone Bets the Home Team?][/FONT]
[FONT=&quot]Promotions or events would make a lot of sense, maybe informational booths during tailgating parties or game day giveaways. Settlemoir indicated that the Meadowlands is not ready to make any such announcements on that front.[/FONT]
[FONT=&quot]“Mr. Gural and the FanDuel and Betfair personnel management have a great relationship with the guys at the stadium,” he said. “And they’re currently working with the Jets and Giants ownership, and we’ll have to see how that goes, and where we go from here.”
[/FONT]
[FONT=&quot]First of all, Meadowlands/FanDuel-branded mobile sports wagering is in works. As of July 11, as permitted by the enabling legislation signed by Governor Phil Murphy, any licensed operator may allow mobile betting. So far, none are prepared to do so, which may just mean that the Division of Gaming Enforcement (DGE) has not signed off on their software.[/FONT]
[FONT=&quot]“We’re looking to try to roll that out by football season,” Settlemoir said.[/FONT]
[FONT=&quot]Once it’s live, anyone located in the state — even temporarily, hey New Yorkers — will be able to establish an account deposit remotely via the app or online, based on our understanding of New Jersey’s bill.[/FONT]
[FONT=&quot]And the FanDuel physical sportsbook space will expand as well.[/FONT]
[FONT=&quot]“We’re still working on the exact square footage but it will have a much larger footprint by NFL season,” Hennessy explained. “We have plans for 65 television screens and 15 sports betting stations, making the retail location the ideal place to place bets for the upcoming NFL season and for the MLB playoffs. “[/FONT]
[FONT=&quot]It’s not all about sports betting at the Meadowlands, though. They recognize sports betting as a distinct opportunity, but also one to introduce a new and probably younger crowd to harness or horse racing.[/FONT]
[FONT=&quot]As for numbers, the facility is expecting big crowd on a Saturday that coincides with Meadowlands Pace Night — one of the biggest racing nights on the calendar, which Settlemoir says typically draws about 12,000-15,000 visitors.[/FONT]
[FONT=&quot]“Hopefully the sportsbook will be able to help the horse racing side as well, exposing a completely different demographic,” he said. “People that bet sports coming here and being able to see horse racing, and hopefully we’ll see some crossover.”[/FONT]
[FONT=&quot]The post What to Expect at the Meadowlands’ FanDuel Sportsbook Launch appeared first on SportsHandle.[/FONT]

 

[Greenbacks]

The state Division of Gaming Enforcement released the first revenue report relating to the new industry on Thursday, and the Monmouth Park Sports Book by William Hill generated a total handle of $8,176,212 for 17 days last month, with sports betting launching on June 14.
According to the report, taxable gross revenue off sports wagering at Monmouth Park, which the state taxes at 8.5 percent, was $2,277,703, which equates to $193,605 in taxes. Not included in the report is the 1.25 percent that goes to county and municipal government.
The sports betting numbers do not reflect future bets on things like winning the Super Bowl or the World Cup, with those numbers not reported until after the event has been completed. For the state, including the Borgata and Ocean Resort casinos in Atlantic City, the total handle on future sports bets is $1,045,772.
Monmouth Park had a winning percentage on sports wagering of 11.8 percent, which equates to revenue of $967,403. The average for the state was 7.8 percent on a total handle of $15,363,847. The average winning percent on sports betting in Las Vegas is 5.6 percent.
"We are extremely pleased with our numbers," said Dennis Drazin, president and CEO of Darby Development LLC, which operates Monmouth Park. "We think they show there is a huge appetite for sports betting. To be generating these numbers early, and it’s not even football season yet, speaks enormously of the potential for when football season comes around. So we’re thrilled by the early numbers."
The true impact of sports betting will not be known until football season, with the National Football League and college football serving as the industry's driving force. Last year, football accounted for 36 percent of the total sports betting market in Las Vegas in 2017, according to the UNLV Center for Gaming Research.
There is also a feeling that the overall numbers will grow as the market for sports betting in New Jersey matures, with online sports betting set to begin this month for the state's racetracks and casinos.
"While it's still early, we're obviously off to a great start," said Joe Asher, CEO of William Hill US. "We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven. We are proud to be creating new jobs in New Jersey and bringing excitement to our customers. We can't wait until football season."
Sport betting gets underway the Meadowlands Racetrack in East Rutherford when the FanDuel Sportsbook at Victory Sports Bar & Club opens to the public at 11 a.m. Saturday.
So what does all of this mean in terms of actual profits for Monmouth Park?
It's difficult to say at this point, with Monmouth Park splitting revenues, after expense, with William Hill. But if, for example, the track is making $600,000-a-month in profits initially when it's not football season, that number could be four times higher, or more, during the five months the NFL is playing.
That could bring the track's initialy take to around $17 million annually, or the amount of the track's portion of the racing industry's subsidy from Atlantic City casinos that disappeared when former Gov. Chris Christie privatized the state’s race tracks in 2011.
To put the first 17 days of sports betting in perspective, it equates to an average daily sports betting handle of $480,953 at Monmouth Park, with the sports book open seven days a week. By comparison, for 21 racing days at the track since the meet began on May 5, the average daily on-track handle for horse racing has been $356,354.
There is an indication that those placing bets on sporting events are plunking down dollars on horse racing as well. On nine weekend/holiday racing dates between June 14 and July 12, Monmouth Park's on-track handle averaged $399,589, up 3.4 percent over the same dates a year ago. This year, Monmouth Park did not race on race on Fridays, a traditionally slow day, during that period.
Delaware, which had a form of sports wagering before it began accepting single-game bets on June 5, reported $7 million wagered for 20 days through June 24 at the state’s three racetracks, including Delaware Park and harness tracks Dover Downs and Harrington Raceway. It reported total revenues from sports wagering of $1,000,247, with Delaware Park’s share of that, after the state and its sports book operator took their share, was $263,924.
"Unlike us, I consider Delaware to have been a fully integrated system that's been up and running for years even though it has just been parlays," Drazin said. "So they are already set up and have a smooth operation. And Delaware is reporting the entire state in their numbers."