Just a short time ago, New Jersey Senator Ray Lesniak introduced legislation in the state of New Jersey that would allow for international betting of sorts. The legislation was first presented last year and now Lesniak, along with State Senator Jim Whelan, are reintroducing the legislation in the hopes that the online gambling market in the state can expand even further.
The new measure would allow casinos/partners in Atlantic City who have already earned online gambling licenses in the state to offer gaming in offshore jurisdictions. The first version of the bill would have allowed for internet gambling companies based overseas to operate in the state of New Jersey. The legislation was then changed to require any company offshore to operate physically in New Jersey. Servers would have to be located in the area so regulators would be able to host inspections.
The new proposed version of the bill is similar but simplifies the measure. With this version, the online casino industry of New Jersey would be able to reach out to a worldwide market. Payment processors involved would have to be licensed as the casinos of the state as well as partners in online gaming. This is stated in the measure in the hopes of avoiding the financial issues that players have faced in recent months, with financial institutions bowing out of processing online gaming transactions.
The Division of Gaming Enforcement would need to create rules for the expansion and an annual tax on the interstate or foreign online gambling gross revenues would be set at 15%. This money would be set towards the Casino Revenue Fund. Those companies offering gaming from the state would need to adhere to tax laws as well as regulations in the other jurisdiction involved.
With the measure in place, the state of New Jersey would certainly have a leg up on the competition that they are already the leader of. With the potential to go global, the earnings potential would be massive for the state. The bill, no 980, will have to pass through the Senate, General Assembly and then get the signature of Governor Chris Christie before it will become law. The bill has a ways to go still but if passed, it could mean big things for the online gambling industry in the state of New Jersey.
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