New Jersey considers five-year extension for igaming
New Jersey lawmakers have reached a middle ground in the proposed extension of online gaming.
US.- New Jersey lawmakers are looking at legislation to extend online gambling for a further five years. New Jersey legalised online gambling for ten years in 2013. The current regulations expire in November.
A bill aimed to reauthorise online gambling for another ten years. This was cut to just two years, but the latest amendment made by the Assembly Budget Committee on Wednesday proposes a five-year extension. The Chamber of Commerce of Southern New Jersey praised the change, saying it was “incredibly pleased that the General Assembly shifted away from a drastic and unexpected two-year internet gaming reauthorization through 2028.
“Although not the 10-year window the bill’s sponsor originally intended, this adjustment still allows for the sports betting industry to grow and thrive in New Jersey with a five-year security in its operating ability.”
ABC reported speculation that the reduced extension was being used to gain potential leverage over Atlantic city in terms of raising the gambling taxes in the future. That current rate is 8 per cent on in-person winnings at casinos, 13 per cent for online sports betting and 15 per cent for internet gambling.
On Tuesday, Mark Giannantonio, president of Resorts casino and of the Casino Association of New Jersey, had said the full 10-year extension originally provided for was ”crucial to the casinos’ ongoing operations.”
“The reauthorization of the internet gaming bill for 10 years is vital to the continued success of the gaming industry in New Jersey and the programs that are supported by the taxes collected,” he said.
In 2022, New Jersey’s GGR tax receipts totalled $249.4m from igaming and $179.1m from the nine physical casinos. According to the American Gaming Association, since New Jersey began taking internet bets in November 2013, Atlantic City’s casinos and their online partners have won $6.29bn from online casino games.
