New Jersey Moves Rapidly Towards Online Gambling
Casinos and regulators in New Jersey are moving extremely quickly towards offering online gambling. It is expected that a first draft of the regulations will be ready by Thursday and experts are predicting the first websites to launch before Christmas.
I. Nelson Rose, a professor at Whittier Law School and gambling expert, said “I don’t see any reason it wouldn’t be up and operating by the end of this year.”
The legalisation of online poker could prove to be a great success for Christie. There is a chance it will create a huge new revenue stream and save the struggling Atlantic City.
The last 6 years have seen Atlantic City revenues falling due to competition from neighbouring states and the wider economic recession.
Revenues peaked in 2006 at $5.2 billion and then dropped to just over $3 billion last year.
Christie’s budget anticipates a $200 million increase in gambling revenue next year, most of the money coming from online gambling. This means Christie is expecting casinos to take about $1.2 billion from internet gambling in its first year, a sum that some think will grow very quickly.
Other less optimist predictions don’t expect revenue to reach those figures for at least five years.