The path to sports betting legalization is wide open in New Jersey following the outcome of Murphy vs. NCAA. This decision leaves the state in a position to act quickly to legalize sports betting.
Governor Murphy is a major proponent of this reform, before the decision was handed down he said, “I hope it’s soon,” he said. “If it comes (Tuesday), I can’t say that we’ll be taking bets on Wednesday, but it will be sooner than later.”
New Jersey is right to act quickly on this, the decision leaves many states asking themselves the same questions that led New Jersey to the case in the first place, and the field for sports betting is about to get much more competitive.
In order to reap the most benefit from this new industry, New Jersey is working quickly. The New Jersey Senate and Assembly are set to hold votes on sports betting legislation on June 7th. Governor Murphy is expected to sign the legislation if it passes.
There is broad based support in both the Assembly and Senate, and the time frame that Murphy was hoping for before the case may prove to be a reality. Regulatory reform serves to open up the economy and allow new avenues for job creation.
Unfortunately for New Jersey taxpayers who are staring down $1.7 billion in proposed tax hikes, the revenue from sports betting will not be enough to shield them the state’s desperate money grabs.