Bill > A4385

This bill permits licensed casinos and racetracks in New Jersey to operate "sports pools," which are businesses that accept wagers on professional and collegiate sports or athletic events, excluding certain "prohibited sports events" like those taking place in New Jersey or involving New Jersey college teams. These sports pools must be operated within designated "sports wagering lounges" and require approval from the Casino Control Commission and the Division of Gaming Enforcement, with racetracks also needing approval from the Racing Commission. Operators can accept wagers from individuals physically present in the lounge or through electronic devices and the internet, provided the wagerer is at least 21 years old and, for internet wagers, is physically within New Jersey. Employees involved in sports wagering activities must be licensed, and operators must maintain sufficient financial reserves and establish house rules for all wagering transactions. Revenue generated from sports pools by casinos will be considered "gross revenue" for tax purposes, while racetracks will pay an 8% tax on their sports wagering revenue to the Casino Revenue Fund, with a portion of licensing fees dedicated to compulsive gambling treatment programs.