The announcement we referred to yesterday has now been made by New Jersey State Senator Raymond Lesniak and as some suspected; the senator is wanting to expand on a global scale. Lesniak is planning on introducing legislation that would allow for companies in other countries to offer online gambling in the state of New Jersey. The senator will be introducing the new bill by December 5th and will give the state Division of Gaming Enforcement the right to license companies based in other countries to operate in the state.
Lesniak says that the legislation would allow foreign companies to be able to set up servers in New Jersey but American players would be excluded. Players from overseas would be able to place wagers on the casino games online for operations in New Jersey, thus allowing the state to prosper from such offerings.
The state would earn a 10 percent pay off in tax of the winnings as well as payments by the operators which would be around $20 million every year for three years. This stipulation was created to help the horse racing industry in the state.
Lesniak believes that offshore companies would be willing to operate in the state of New Jersey because they have a respected regulatory structure. The senator stated that New Jersey could become the Silicon Valley of Internet gaming, ‘the mecca’ as they are able to provide a stable and secure regulated marketplace in regards to gambling. The senator is trying to make the state a ‘global destination for internet gaming’.
It has been estimated that the vision of the senator would create almost 5,000 jobs and as much as $10 billion in revenues. According to reporters, Lesniak stated that it took him two months to finish creating the new initiative. So now we wait two weeks and see how the new legislation is received and if New Jersey will truly become a ‘mecca’ in the global gambling industry.
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