Governor Phil Murphy signed the sports betting bill this afternoon, finally allowing Monmouth Park and New Jersey’s other horse racing tracks to generate an alternative revenue source. The news was broken on twitter by Politico’s Matt Friedman and Brent Johnson of NJ.com
“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” said Governor Murphy. “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. This is the right move for New Jersey and it will strengthen our economy.”
In his press release, Murphy said that the NJ Racing Commission will hold a meeting on Wednesday, June 13, to review regulations related to the establishment of sports betting at racetracks. “Following the Racing Commission adopting regulations, the Governor will be able to ratify the Racing Commission’s decision and licensed racetracks will then be able to apply for a temporary waiver to commence sports betting.”
Murphy did not say how long the regulation review and ratification would take.
Oceanport Council President Joe Irace posted a statement by Denis Drazin of Monmouth Park which indicates bets will be taken on the track starting on Thursday:
“Today is a great day for New Jersey. After a thorough review of the legislation, Governor Murphy has taken decisive and swift action in the best interests of New Jersey’s economy and sports fans across our state. I look forward to the Governor joining us at Monmouth Park Racetrack on Thursday morning to usher in a new era for New Jersey by placing the first bet.”