Due to the economic downturn, many states are turning to new and interesting forms of revenue to generate cash flow. One state, New Jersey, has recently passed a law that will allow online gambling. With this law, citizens who reside in the state will be allowed to play any online casino game that is offered by one Atlantic City’s land-based Casinos. The revenues from the online gambling with be taxed and used as a way to patch the deficit in the state’s budget. Here are some details about the New Jersey online gambling law.
The state’s republican governor Chris Christie has recently signed this measure into law. The revenues from the land-based casinos have fluctuated, but last year, they earned over 3 billion dollars. The whole idea behind the measure was that it would be a win-win situation for both the state and many of the fledgling casinos. Many casinos have suffered as of late because many tourists are opting against taking trips to Atlantic City due to their current economic situations. So, the law would bring exponentially more revenue to those casinos, while at the same time, providing the state with a huge potential for tax revenue.
Gamblers won’t be able to gamble immediately, however. The law, which has already been passed, won’t be implemented for at least another nine months. The law has to be properly implemented by the state’s gambling board.
One of the biggest draws will be the inclusion of online poker in this law. Online poker experienced a huge boom in the mid-2000s. However, after what was known as “Black Friday”, the day the federal government cracked down on two of the largest online poker companies, the online poker marketplace has struggled greatly. New Jersey, along with three other states, will do its best to provide a much needed increase to the poker economy. While the law has great implications on New Jersey, it also extends well beyond New Jersey. Because Christie is a republican governor, it extends precedent to other republican governors who may find themselves in similar fiscal situations. Look for other states to pass similar laws in the near future.