NJ to License Sports Bets in January

New Jersey says it will start issuing licenses for sports betting on Jan. 9, a decision that led the NCAA to announce it would relocate championships from the state.

The four major professional sports leagues and the NCAA have sued to stop the state from granting sports gambling licenses. New Jersey's Legislature approved sports gambling in defiance of a federal ban earlier this year.

The state Division of Gaming Enforcement published regulations for sports betting on Monday in the New Jersey Register. That clears the way for casinos, horse-racing tracks or joint ventures involving both to apply for $50,000 sports pool licenses.

Citing sports integrity and the well-being of student-athletes, the NCAA said Monday that it will find new hosts for five championships scheduled to be held in New Jersey next year.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)