Internet gambling in New Jersey has been a success. According to the American Gaming Association, the New Jersey iGaming industry has generated over $6 billion without counting the revenue generated from sports betting. This makes the New Jersey iGaming industry the most profitable than any other state that allows gambling over the internet.
Online gambling has helped keep casinos in Atlantic City afloat, especially after the effects of the Coronavirus. The pandemic left most casinos closed in 2019 and 2020. Most opened in phases, and even then, gamblers were reluctant to visit land-based casinos.
The operators in the industry also recognize the success of the online gaming industry. This has led to campaigns seeking to reauthorize internet gaming. According to the president of Resorts Casino Hotel and the Casino Association of New Jersey,
An internet gaming bill to allow continued online gaming for another ten years is vital to the success of the gambling industry in the state. Mark Giannanonio emphasized the industry had contributed hugely to state programs that run using the taxes generated from the industry.
New Jersey lawmakers were open to allowing two more years of internet gaming, while casino operators wanted ten years. After several exchanges, lawmakers and casino operators have agreed to a five-year extension of online gaming.
The lawmakers have already created a new proposal featuring new amendments. This comes after the initial bill raised several concerns raised by business groups in southern New Jersey, political allies, and casinos.
Originally, the bill asked for a ten-year extension. This was amended to two years before both the lawmakers and casino operators reached a common ground of five years. This creates a more stable operating landscape for online casinos.
No Explanations Provided
There must be several reasons that led to the back and forth between lawmakers and casino operators. Unfortunately, none of the lawmakers were available to comment about them. Most Democratic leaders even declined to comment about the issue to local publishers, leaving Atlantic City residents with more questions than answers.
The former mayor of the city, currently a Republican assemblyman, also expressed his confusion. Don Guardian stated that they were trying to find out what had led to the changes to the bill.
Everyone Seem Onboard With The New Changes
Giannantonio insisted on the importance of allowing internet gaming for ten more years. He explained that it would contribute to the ongoing success of the industry. With the five-year window, Giannantonio is yet to comment about the internet gaming bill.
Meanwhile, the Chamber of Commerce of Southern New Jersey is in support of the new change. According to reports by Associated Press, the sports betting industry will also thrive as it will run smoothly for five years.
Some rumors suggest that this compromise between casino operators and lawmakers may have come following a potential tax increase in the future. Currently, casinos pay a tax rate of 8 percent for land-based casino winnings, 15 percent for online gambling, and 13 percent for online sports wagering.
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