The Latest: New Jersey panel backs sports betting bill

MarketsAssociated Press

The Latest on the New Jersey Legislature's consideration of a law to legalize sports betting in the state (all times local):

12:20 p.m.

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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.

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This item has been corrected to change the tax rate for in-person bets to 9.75 percent, instead of 9.25 percent.

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11:50 am

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.

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10:40 am

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.

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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.

This story has been corrected to show that the casino tax rate, along with a mandatory add-on charge, is 9.75 percent, not 9.25 percent.