New Jersey Looking at Intrastate Online Gambling
19 October 2010
While the federal government is slowing grinding away at regulating online gambling and the courts deciding that regulating online gambling will be left up to individual states to decide, several states have been trying to work something out including Florida, California and New Jersey.
New Jersey Governor Chris Christie has come up with two expansions to help save the New Jersey gambling industry and hopefully help bring his state much needed revenue. Both proposals though have brought heated discussions, intrastate Internet gambling and sports betting through the state’s casinos.
The new plan revealed Monday would help AC casinos and hopefully reverse the declines being felt especially over the last two years. The plan would also help local racetracks, a point that until now the AC casinos have been against. The compromise seems to be something that the casinos can now live with, giving the racetracks rights to have slot machines and in return get online gambling and sports betting.
According to Gaming Analyst Steve Schwartz, “This was a historic first step in the US when it comes to Internet gambling regulations. If New Jersey lawmakers were to actually move forward with this plan, and pass legislation, it would not be long before other states started doing the same.”
Sports betting is currently illegal outside of Nevada and Delaware but is a billion dollar industry, online gambling has been reportedly worth millions of dollars a year in revenue to which ever state wants to tackle the issue and approve regulation. To a state whose gambling industry is seeing less and less incoming revenue and more and more competition (like from PA), this may be the best chance to see a state get through an online gambling package.
14 May 2010Canadian Man Pleads Guilty in U.S. Online Gambling Charge
Douglas Rennick, a Canadian man, has pleaded guilty to a count of processing offshore bets of U.S. citizens. Originally Rennick was looking at a charge of conspiracy and bank fraud. He had allegedly laundered $350 million dollars for overseas internet gambling companies. Rennick was indicted in August and on Tuesday entered a guilty plea to the one charge in New York Federal court. Part of the plea was forfeiting $17.1 million and a possible prison term of 6-12 months.Read full article
02 June 2010France to Award 30 Licenses for Online Gambling
Today the government of France approved a new online gambling bill. The bill passed the French parliament by a narrow 299-233 vote. The French will grant only 30 licenses to operate online casinos and poker rooms within its borders. Though it is now official and France says that licenses will be granted in time for the 2010 World Cup, not everyone is excited about the French market.Read full article
09 June 2010France Issues 11 Licenses For Online Gambling
France acknowledged that 11 companies have been granted license and have been registered to conduct online sports and horse race betting as well as online poker within France. According to Arjel president Jean-Francois Vilotte, the regulator of gaming in France, “There were 35 requests for licenses and we have retained 17 at this stage. None have been formally rejected.Read full article