Huh? You lay 110 to win 100......just like any other book.
you mean it's the Vig?
Wrong this is a tax on the casino.
The bill approved by the Assembly committee set the tax rate for casinos at 8 percent, with an additional 1.25 percent payment that would be used to help Atlantic City pay down its debt. The 1.25 percent add-on fee for tracks would be split among the host community and the county in which the track operates. Internet bets would be taxed at 13 percent.
The bill approved by the Assembly committee set the tax rate for casinos at 8 percent, with an additional 1.25 percent payment that would be used to help Atlantic City pay down its debt. The 1.25 percent add-on fee for tracks would be split among the host community and the county in which the track operates. Internet bets would be taxed at 13 percent.
Yes......but some people think the tax will cut into their profits or be a higher big I'm assuming? The tax won't be passed onto the players.
TRENTON, N.J. (AP) — The Latest on the New Jersey Legislature’s consideration of a law to legalize sports betting in the state (all times local):
4:15 p.m.
New Jersey’s proposed sports betting law is heading for the finish line.
Committees in the state Senate and Assembly on Monday advanced a bill that would legalize sports betting in the state.
It is on track for final approval on Thursday, and Monmouth Park Racetrack hopes to begin taking bets by Friday if all goes well.
The bill does not contain an integrity fee payment for sports leagues to help them police betting patterns. Officials of Major League Baseball, the NBA and the PGA Tour testified that they need the fee.
But Democratic Assemblyman Ralph Caputo says “that’s not gonna happen.”
4:05 p.m.
New Jersey lawmakers are considering a change to their proposed sports betting law that would require the major professional sports leagues to consult with state gambling regulators before rules governing the betting are issued.
A state Senate committee is considering the change to the law. A state Assembly committee advanced the bill earlier Monday.
The bill does not contain an integrity fee payment for sports leagues to help them police betting patterns. Officials of Major League Baseball, the NBA and the PGA Tour testified that they need the fee.
But Democratic Assemblyman Ralph Caputo says “that’s not gonna happen.”
12:20 p.m.
A New Jersey Assembly panel has given its blessing to the state’s proposed sports betting law.
The panel on Monday approved a bill that sets the tax rate for sports bets at 9.75 percent for in-person bets at casinos and racetracks, and 13 percent for bets taken online.
The bill does not contain an “integrity fee” payment for sports leagues to help them police betting patterns.
Officials of Major League Baseball, the NBA and the PGA Tour testified that they need the fee.
But Democratic Assemblyman Ralph Caputo says “that’s not gonna happen.”
A Senate panel will consider the bill Monday afternoon.
Lawmakers hope it can be approved and signed in time to take bets starting Friday.
___
This item has been corrected to change the tax rate for in-person bets to 9.75 percent, not 9.25 percent.
___
11:50 a.m.
Professional sports leagues are coming out swinging against New Jersey’s proposed sports betting law.
Major League Baseball, the NBA and the PGA Tour opposed the law during a state Assembly committee hearing Monday.
The leagues want a so-called “integrity fee” that would compensate them for the costs of policing bets on their games.
The bill under consideration does not include such a fee.
A baseball executive says “without a product that fans can trust, sports betting cannot exist.”
But Democratic Assemblyman Ralph Caputo told him an integrity fee is not going to happen.
___
10:40 a.m.
New Jersey lawmakers want to tax sports betting revenue won over the internet at a rate of 13 percent.
A bill being considered Monday morning by a state Assembly committee sets that rate on sports betting revenue won online.
New Jersey won a Supreme Court case last month overturning a federal law that limited sports betting to only four states. Individual states are now free to pass laws legalizing it, if they desire.
Revenue won by casinos or racetracks in person would be taxed at 8 percent; an additional 1.25 reinvestment assessment would be imposed, as well.
The bill does not contain a so-called “integrity fee.” The professional sports leagues are pushing for such a fee to help them police betting on their games.
___
6:30 a.m.
New Jersey lawmakers are scheduled to make some key decisions as they race to legalize sports betting after winning a case in the U.S. Supreme Court.
Lawmakers in the state Senate and Assembly are scheduled Monday to take up several measures that would authorize sports betting.
They’ll have to work out differences among the various proposals and make important decisions on how much the activity should be taxed.
New Jersey won a Supreme Court case last month overturning a federal law that limited sports betting to only four states. Individual states are now free to pass laws legalizing it, if they desire.
4:15 p.m.
New Jersey’s proposed sports betting law is heading for the finish line.
Committees in the state Senate and Assembly on Monday advanced a bill that would legalize sports betting in the state.
It is on track for final approval on Thursday, and Monmouth Park Racetrack hopes to begin taking bets by Friday if all goes well.
The bill does not contain an integrity fee payment for sports leagues to help them police betting patterns. Officials of Major League Baseball, the NBA and the PGA Tour testified that they need the fee.
But Democratic Assemblyman Ralph Caputo says “that’s not gonna happen.”
4:05 p.m.
New Jersey lawmakers are considering a change to their proposed sports betting law that would require the major professional sports leagues to consult with state gambling regulators before rules governing the betting are issued.
A state Senate committee is considering the change to the law. A state Assembly committee advanced the bill earlier Monday.
The bill does not contain an integrity fee payment for sports leagues to help them police betting patterns. Officials of Major League Baseball, the NBA and the PGA Tour testified that they need the fee.
But Democratic Assemblyman Ralph Caputo says “that’s not gonna happen.”
12:20 p.m.
A New Jersey Assembly panel has given its blessing to the state’s proposed sports betting law.
The panel on Monday approved a bill that sets the tax rate for sports bets at 9.75 percent for in-person bets at casinos and racetracks, and 13 percent for bets taken online.
The bill does not contain an “integrity fee” payment for sports leagues to help them police betting patterns.
Officials of Major League Baseball, the NBA and the PGA Tour testified that they need the fee.
But Democratic Assemblyman Ralph Caputo says “that’s not gonna happen.”
A Senate panel will consider the bill Monday afternoon.
Lawmakers hope it can be approved and signed in time to take bets starting Friday.
___
This item has been corrected to change the tax rate for in-person bets to 9.75 percent, not 9.25 percent.
___
11:50 a.m.
Professional sports leagues are coming out swinging against New Jersey’s proposed sports betting law.
Major League Baseball, the NBA and the PGA Tour opposed the law during a state Assembly committee hearing Monday.
The leagues want a so-called “integrity fee” that would compensate them for the costs of policing bets on their games.
The bill under consideration does not include such a fee.
A baseball executive says “without a product that fans can trust, sports betting cannot exist.”
But Democratic Assemblyman Ralph Caputo told him an integrity fee is not going to happen.
___
10:40 a.m.
New Jersey lawmakers want to tax sports betting revenue won over the internet at a rate of 13 percent.
A bill being considered Monday morning by a state Assembly committee sets that rate on sports betting revenue won online.
New Jersey won a Supreme Court case last month overturning a federal law that limited sports betting to only four states. Individual states are now free to pass laws legalizing it, if they desire.
Revenue won by casinos or racetracks in person would be taxed at 8 percent; an additional 1.25 reinvestment assessment would be imposed, as well.
The bill does not contain a so-called “integrity fee.” The professional sports leagues are pushing for such a fee to help them police betting on their games.
___
6:30 a.m.
New Jersey lawmakers are scheduled to make some key decisions as they race to legalize sports betting after winning a case in the U.S. Supreme Court.
Lawmakers in the state Senate and Assembly are scheduled Monday to take up several measures that would authorize sports betting.
They’ll have to work out differences among the various proposals and make important decisions on how much the activity should be taxed.
New Jersey won a Supreme Court case last month overturning a federal law that limited sports betting to only four states. Individual states are now free to pass laws legalizing it, if they desire.
