Legal sports betting ready to begin in New Jersey

Last week, Monmouth Park allowed local media a sneak peek before it was set to open.

“In the first floor grandstand area, there are 15 windows through which you’ll be able to look at giant odds boards, check out the lines for the games, a variety of sports, see what odds you like, and walk up and ask any questions you have about betting and make a wager,” said Michael Grodsky, Vice President of Marketing and Public Relations for the bookmaker, William Hill.

Other casinos and tracks eventually plan to offer sports betting, but none have announced plans to do so in the next few days.

State agencies issued emergency regulations Wednesday to allow Monmouth Park and the Borgata to begin Thursday. Full regulations are expected down the road.

But the bill prohibits wagers on any New Jersey college sports or collegiate games taking place in the Garden State, excluding national tournaments like the NCAA, CBS2’s Natalie Duddridge reported.

Americans already spend billions of dollars placing sports bets through illegal bookies each year.

New Jersey, however, spent seven years and $9 million -- mostly during the administration of then-Gov. Chris Christie -- on a court battle to legalize the practice. The goal was to boost the state's struggling casino and horse-racing industries, as well as provide the state with new tax revenue.

Monmouth Park is getting to go first because the park spent millions getting ready for this day, both on the lawsuit and in partnering with British bookmaker William Hill years ago to set up its sport-betting parlor.

New Jersey's other two racetracks -- Meadowlands Racetrack in East Rutherford and Freehold Raceway -- also plan to offer sports betting, but they may not be ready for months.

Atlantic City's other seven casinos are also expected to accept bets, but none are ready in time for Thursday.

Games played on site will be taxed 8.5 percent. Lawmakers say it will mean big business.

“I think it’s bigger than what people are anticipating,” said Assemblyman Ralph Caputo, D-NJ District 28.

Online sports betting will not start for at least 30 days in New Jersey. Until then, it is limited to casinos and horse tracks.

Meanwhile, other facilities around the rest of the state are also preparing, including Meadowlands Racetrack, in time for the NFL.

“Our goal is to open mid to late July and then have the online systems open for the football season,” said Meadowlands owner Jeff Gural.

Experts predict in-game betting, in which customers use smartphones to wager on developments over the course of a game, will quickly become a major component of sports betting in the U.S.