Governor Chris Christie signed New Jersey’s long awaited online gambling bill into law yesterday after the State Senate granted its final approval.
It’s a huge moment for the Garden State’s beleaguered Atlantic City Casinos and the opening of a new space race in the US online gambling market.
In his State of the State Address, which followed the signing of the bill, Christie talked about the importance of expanding NJ gambling online:
This was a critical decision, and one that I did not make lightly. But with the proper regulatory framework and safeguards that I insisted on including in the bill, I am confident that we are offering a responsible yet exciting option that will make Atlantic City more competitive while also bringing financial benefits to New Jersey as a whole.
A recent study suggests that online gambling in NJ could be a billion dollar industry within five years and generate as much as $150 million in annual tax revenues.
Of course New Jersey is now in direct competition with Nevada to grab the lion’s share of the market. Just last week the Silver State passed a measure allowing for interstate gaming compacts. New Jersey’s bill allows the state to create interstate arrangements with other states that allow online gambling.
So it’s, Game On, for the US online gambling market.
Can New Jersey compete with Nevada in the online gambling market? Share your thoughts in the comments section below.