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New Jersey Casino Officials Evaluates the Merits of Online Gaming Regulation

Florida and California have legislators that are currently considering different options on how to raise additional revenue for state coffers through regulated online gaming. Both states would become the first ones in the U.S. to regulate the online gaming industry, but New Jersey now looks like it may edge Florida and California to the finish line.

A bill that has been authored by Senator Ray Lesniak, passed a committee vote on June 3rd, 2010, clearing the way for the full Senate to have their opinion on the online gaming regulation issue. The bill, which would permit online casino-type gaming from the A.C. (Atlantic City) gaming market, was approved by the committee in a 3-1 vote.

The current federal laws blocks companies without gambling licenses to offer online gaming. Casinos in Atlantic City are all duly-licensed and Sen. Lesniak believes that it gives New Jersey the power to regulate online gaming.

The Interactive Media Entertainment and Gaming Association (iMEGA) has supported the bill since it was introduced by Sen. Lesniak and iMEGA Chairman Joe Brennan Jr. believes that New Jersey could earn millions of dollars as they lead the way into the next form of gaming.

In some cases, land-based casino facilities have been against any plan of regulating the online gaming market. Casinos felt that it would affect the number of their customers but that stance has slightly softened lately.

In Atlantic City, casino facilities have struggled for the last two years and online gaming may be just the way to bring back the A.C. gaming industry back in the spotlight.

It is estimated that regulated online gaming could bring in $45 to $55 million dollars in overall state revenue. Atlantic City casinos would benefit from the plan, with gross revenue estimates coming in at $250 million dollars.

If the bill is approved, it would also encouraged gaming groups looking to begin online gambling sites to relocate to the state of New Jersey. The New Jersey bill comes at a time when financial organizations have been affected with the responsibility of prohibiting online gaming transactions.

07/18/2010 14:23 PM
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