New Jersey’s Senator Raymond Lesniak on November 30 presented a long-awaited bill that if passed will allow the state to pool more players with international online gaming providers. The legislation that when enacted will pave way for partnerships between the state of New Jersey and international jurisdictions reads in part:
“This bill allows the division to permit Internet gaming equipment to be located outside of Atlantic City if the division deems it necessary to facilitate the conduct of international Internet wagering.”
Current state laws restrict players who are not physically within the New Jersey borders from accessing the online gambling platforms. However, Lesniak believes that to keep the state’s 4-year old iGaming market profitable and robust, it is critical to tap into the foreign player pools especially where the online gambling business is booming – like in Europe and the UK, for instance. In fact, New Jersey has been in talks with the United Kingdom to share players for nearly a year now – this bid intends to reap more from New Jersey’s online gambling industry which is rapidly growing. Records show that revenue through October was over 200 million which is 26 percent higher than the amount that was recorded a year ago.
“Internet gaming has resulted in economic benefits to Atlantic City and to this State, and is estimated to have produced, within the first three years of implementation, approximately $998 million in economic output, over 3,000 jobs, $219 million in employee wages, and $124 million in tax revenues,” Lesniak’s bill further read. “In the coming years, the global online gambling market is expected to see a compound annual growth rate, and the largest share of online gambling revenue comes from Europe totaling nearly $15 billion a year and growing at a faster rate than the rest of the world.”
Ray Lesniak has always championed the introduction and repulsion of various laws to favor the casino industry in Atlantic City but there has also been a fair share of concerns that have been raised. Other than issues pertaining to ensuring that only legal adults and people within designated iGaming markets have access to the online games, there have been several questions that have been raised regarding how the revenue gotten from foreign online gambling markets will be taxed. Still, considering the noncontroversial nature of the bill and the immense support it has received from the Division of Gaming Enforcement, it is very likely that it will be passed. Furthermore, the bill is backed by the outstanding statistics that the industry has recorded – online gambling has generated close to $1 billion in economic output since the New Jersey casinos were launched and over 3,000 jobs were created as well.