|Written by Michael|
|Friday, 10 December 2010 13:30|
Play now! New Jersey is ready to pass a legal gambling bill.
There are a dozen different bills related to the state’s gambling and horse racing industries, including a bill that would legalize online gambling for residents of the state being passed by a New Jersey Assembly committee.
The online gambling bill would do some very specific things, and would not change the online gaming situation for most of the United States. The bill would allow the creation of websites that would provide online gambling, including poker, to only New Jersey residents. According to the latest version of the bill, neither out-of-state residents nor international players would be permitted to play on these sites.
The bills, in general, received broad support from both Democrats and Republicans in the state legislature. The bills are expected to be voted on by the entire Assembly before the end of the year, after which they would go to the desk of Governor Chris Christie. For his part, Governor Christie has not voiced objections to online gambling or the other measures being considered, though he has questioned the legality of online gambling.
Supporters believe that the series of bills are likely to be signed into law by the end of the year. Other bills in the package include the creation of an Atlantic City Tourism District, new regulations for the casinos in the city, and incentive packages that will encourage horse breeders and trainers to remain in New Jersey.
The bill would also set tax rates for the operators of these sites. The tax rate would be set at 15% on Internet gambling revenue. According to State Senator Ray Lesniak, who supports the bill, an economic analysis predicts that the bill would generate $210-$250 million in annual gross revenues.
About $30 million in tax revenue would then be used to fund purses for the state’s horse racing events, which would remove that burden from a similar fund that is currently taken from Atlantic City casinos. This would help solidify the position of the horse racing position, while removing a burden from the struggling Atlantic City gambling sector. Eventually, the fund would be eliminated and funded by off-track betting.