Many states across America are considering the possibility of legalizing and regulating online gambling, despite federal regulations that prohibit the activity. While it has become a popular option for generating much-needed revenue for individual states, New Jersey is the only state to write a bill that would allow its residents to gamble at online casinos.
Last week, lawmakers in New Jersey submitted a bill to the state Senate. The new bill would allow casinos located in Atlantic City to run online operations which would process bets for New Jersey residents. The bill circumvents the federal online gambling ban, the UIGEA, by ensuring that the online gambling operators and the players are both located within state lines.
New Jersey is still struggling to recover from the economic downturn, and is in much need of a new revenue stream. Online gambling would be the solution to the problem, estimated at generating over $5 billion a year and creating more than 50 000 jobs.
However, not everyone is pleased about online gambling coming to New Jersey. The state’s Casino Association has voiced its concerns, stating that offshore casinos would benefit more than Atlantic City casinos. Although lawmakers have assured the general public that online gambling activity will take place within state lines, land-based casinos are concerned about losing revenue.
Over the next month, Senate will go through the legislative motions with the online gambling bill.