Estimations are the regulated online casino gambling could bring in $45 to $55 million in state revenue. The Atlantic City casinos would benefit largely, with gross revenues estimates coming in around $250 million. If it has been approved, then bill would also encouraged companies looking to to begin online gaming business sites to relocate to New Jersey.
The bill drafted by Sen. Raymond Lesniak permitted the online offering of some online casino games such as roulette, poker, baccarat, blackjack, craps, big six wheel, slot machines, mini baccarat (sic), red dog, pai gow, sic mbo and any variations or composites of such games, provided that such and any of the said games to be offered through online wagering.
The bill also specifies that online casino gambling operators have to be a licensed Atlantic City casino operator, and that all the equipments used to conduct online gambling be located either in Atlantic City casinos or a “secure” location in Atlantic City. The bill passed a committee vote, opening the door for the full to the senate to have a word on the issue.
The current federal law outlaw companies without gaming license to offer offer online gambling. Atlantic City casinos are all licensed and Sen. Lesniak believes that gives the state the authority to regulate online gambling legally
New Jersey online casino gambling bill comes at a time when the financial institutions have been burdened with the responsibility of blocking or banning the online gambling transactions.
The bill was amended to allow residents of other countries to wager on the Atlantic City sites. People living in other U.S. states would not be allowed to play on the sites. The amended bill also embrace a fifteen percent (15%) tax on gross gaming revenue. If the bill passes on the New Jersey State Assembly and is signed into law by Governor Chris Christie, New Jersey would become the first state in the US to offer licensed intra – state online casino gambling.
Voting on the much anticipated New Jersey online gambling bill, which will see the introduction of intrastate internet wagering, has been delayed until January 6th, shortly after the holiday season. A last minute minor amendment made to the bill was related to a reduction in the 5% racing an imposed tax five years after he bill becomes law. Those working behind the scenes to get the bill passed were all disappointed that it had hit a minor roadblock, but are still definitely positive of it passing until next month.
As a proof for the possible approval of the bill on near future, one reliable source stated and we quote, “There are no changes to the bill’s prospects. It is still expected to be overwhelmingly approved by both the Senate and Assembly. Unanimous passage by the gaming committees in both houses is ample proof of that.”
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