Initial New Jersey sports betting regulations published

The New Jersey Division of Gaming Enforcement has published temporary sports betting regulations that will enable operators to begin offering sports bets in the state today (Thursday). The regulations include:

* Sports betting licence fee is initially set at $100,000, but final regulations may see this increased once the regulator has a feel for enforcement, renewal and problem gambling impacts;

* Applicants are also required to pay an additional $250,000 to cover the DGE’s monitoring and regulatory set-up costs;

* Online sports betting revenue will be taxed at 13 percent, whilst land betting revenues will attract tax at 8.5 percent;

* Both land and online revenues will be subject to a further 1.25 percent tax dedicated to Atlantic City tourism and marketing;

* Racetracks will be taxed in similar fashion, but the 1.25 percent levy will go to the state general fuind or individual municipalities;

* Individual punters will not be permitted to gamble more than $5 million on any single sports event;

* Operators accepting lay-off bets from other operators are required to disclose the other operator’s identity to the book takiong the wager;

* The construction of a first class wagering lounge is mandatory for operators, and must measure at least a thousand sqaure feet within clearly defined borders, with clear problem gambling warnings;

* Such lounges may also offer slot and other action as authorised;

* Operators have a 270-day window to construct lounges, during which a temporary lounge will be permitted;

* Betting kiosks are permitted for licensed operators at locations approved by the regulator, and on condition that a maximum pay-out of $10,000 is imposed. These machines must also be restricted to just $3,000 in respect of redemptions;

* Each sports betting licence entitles the operator to accept action on three separately branded websites and three individually branded mobile apps;

* Online gambling companies that parftner with a land licensee are allowed to operate a single betting skin during the construction of the licensee’s lounge;

* Operators are required to have the necessary technology and controls that can identify and track unusual betting activity and report this to an “integrity monitoring provider”;

* Such integrity monitoring providers are required to share unusual betting information reports with all licensees, who then have an obligation to review their own controls and report any similar activity;

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