New Jersey Moves Forward in Online Poker Regulation
February 13, 2013
It was great news for the online poker community of New Jersey on the 7th of February, when Governor Chris Christie gave strong indications that he was going to pass a bill for online gambling in the state.
The governor stated that he had concluded it was time for the state to pave the way for the rest of the nation and embrace Internet gambling through regulation and legalization. Christie says all systems are a go to start the process as long as a few minor conditions are met and a renewal period of 10 years for the legislation.
Governor Christie proposes a suggested tax hike for operators, from the current 10% to an increased 15%.
The newly amended gambling bill will now be revisited by the legislators of the state for approval, after which it is expected to pass in the Assembly and in the State Senate. Thereafter, it will be presented to Governor Christie, so that he can sign it into law. Many are hoping he actually signs it this time, as the last time an online poker bill made it all the way to his desk, he vetoed it.
Poker Stars, which is the world’s largest online poker site, also received great news with much excitement, as they just recently bought the Atlantic Club Casino in anticipation of the safe passage of the bill. This acquisition on the Boardwalk is expected to protect up to 2000 people from losing their jobs.
The news of the bill came in good time for some of the largest gambling brands to witness an increase in the prices of their stocks. MGM, Caesars, and Boyd enjoyed a good boost. The share prices of many other online companies, such as Betfair, William Hill, bwin, Zynga, 888, and Playtech, also went up.
Following the announcement by the Governor, a spokesperson for PokerStars said they had constantly stated that a bill of this sort would steer development in the economy and ensure that more jobs are created in New Jersey. He also emphasized the company’s commitment to playing their part in the same process.
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