Feb
3rd

New Jersey Governor Signs First Gambling Laws

Republican Governor, Chris Christie, signed legislation into law this week that will result in the state enjoying exchange and pari-mutuel wagering.

Pioneered by London-based Betfair, exchange wagering is aimed at attracting younger, computer-savvy gamblers and has proved to be very popular in Australia and Europe. Betfair acquired wagering operator TVG in the United States two years ago and supporters now believe that it will be a boost to horse racing in America.

Chris Christie gave S-2229 and A-2926 the final thumbs up after it moved successfully through all the other channels and reached its final stop on his desk.

Gambling lobbyists are now waiting fervently to see if and when Governor Christie will okay S-490 that will result in New Jersey becoming the first state in the United States to permit online gambling to its residents.

A-2926 was introduced by Democrats John Burzichelli, Anette Quijano and Craig Coughlin in a bid to increase interest in New Jersey’s faltering horseracing industry.

Basically, the act will allow the New Jersey Racing Commission to issue a license to the state’s sports authority to run a betting exchange. S-2229 will allow racetrack permit holders to provide a pari-mutuel pool of each running horse race.

After signing the bill, Governor Chris Christie issued a news release and stated that they are providing new tools with which to help the industry implement new strategies, generate more revenue and capitalize on interest in horse racing around the state. He also said that the new laws represent the next steps in following on his administration’s commitment to secure an independent and strong horseracing industry in New Jersey.

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