Click Now!

Bill Allowing Foreign Internet Gambling Operators in NJ Receives Senate Approval

Bill Allowing Foreign Internet Gambling Operators in NJ Receives Senate Approval

Earlier this week the plan to allow New Jersey casino regulators oversee foreign internet gambling operators if they move their operations to Atlantic City moved a step closer to reality.

The bill, sponsored by Sen. Raymond Lesniak, was approved by the state Senate Government, Wagering, Tourism and Historic Preservation Committee. Lesniak believes that a number of overseas gambling companies would want the approval that would come from submitting to New Jersey’s casino regulators.

Lesniak said, “This could help make New Jersey the leader in online gaming, across the country and around the world. We could be the ‘Silicon Valley’ for high-tech gaming. We should take advantage of this dynamic opportunity for a business sector with enormous growth potential.”

According to the bill foreign companies would not be able to take bets from anyone in the US and would pay the same 15% tax that New Jersey casinos do on internet revenue. However, a provision to require firms to contribute to a fund to raise $20 million a year for three years to help the local horse racing industry has been dropped.

The bill will now go to the state senate Budget and Appropriations Committee for approval.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments