Says NJ Treasurer: Online Gambling Could Net $1.2 Billion In First Year
22 April 2013
According to New Jersey Treasurer Andrew Sidamon-Eristoff, New Jersey’s Internet gambling revenues could reach $1.2 billion and bring in $180 million in tax revenues during its first full fiscal year (July 1, 2013-Jun 30, 2014).
Some consider this estimate to be a bit optimistic, even if the numbers provided by a Wells Fargo senior analyst are strong. NJ lawmakers are as skeptical as they are hopeful that these reports are accurate.
Under the current online gambling legislating, the Division of Gaming Enforcement will need to deliver and implement gambling regulations between late May and late November. Several other factors are unknowns, including when companies are ready to go online, when the regulations will be published, and how much publicity and excitement will be generated and capitalized upon.
New Jersey is the most populated stated to approve online gambling; Delaware and, of course, Nevada, have also legalized Internet gambling. New Jersey is charging at 15% tax rate, which estimates revenue to be upwards of $225 million per year over the next five years if predictive numbers can be believed.
19 October 2010New Jersey Looking at Intrastate Online Gambling
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.Read full article
11 November 2010Another Push for NJ Online Gambling
It seems just like in Florida and California as well as some Canadian provinces; New Jersey needs to bring in some money to the state treasury. Also just like these other places they are looking at online gambling to do it. State Senator Ray Lesniak ( D-Union) bill is proposing just that, that the people of New Jersey be allowed to play poker, baccarat, and other classic casino games online.Read full article
16 November 2010New Jersey One Step Close to Online Gambling
On Monday, New Jersey came one step closer to regulating online gambling within the state. State Senator Ray Lesniak’s bill passed the Senate Budget and Appropriations Committee by an overwhelming 10-1 vote and now will become considered by the full Senate. S-490 would allow Atlantic City casinos to offer online versions of their games. The bill is aimed to help support the states horse racing and casino industries who have had trouble making it in these troubled economic times.Read full article