New Jersey lawmakers considering bill to extend online gambling for 5 years

New Jersey lawmakers considering bill to extend online gambling for 5 years

New Jersey legislators are considering a proposal to extend online gambling for a period of at least five more years, emerging media reports suggest. Originally, a bill was introduced in the state assembly to re-authorize online or internet gambling for a period of another 10 years, but it was trimmed down to merely 2 years in the latest session of the state lawmakers. Just a day later, it was proposed for an at least 5-year extension.

The proposal for extending the online gambling for another five years was actually made after reduction of the original bill to two-year extension made casino operators as well as online groups from southern New Jersey strongly asking for a further consideration of that proposal. The outcry of the operators resulted in another amendment of the bill and the proposal was extended to for a period of five years.

While the real reason for the original alteration from 10 years to two years remains unknown, the Chamber of Commerce of Southern New Jersey supported the most recent proposed change for a five-year extension. Commenting on the latest change, the business group said in a statement that it was pleased to learn that the state’s General Assembly shifted away from a drastic two-year online gambling re-authorization through the year of 2028.

The Chamber of Commerce of Southern New Jersey further said, “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.”

It may be noted here that there was some speculation among Atlantic City’s casino industry officials and some lawmakers that the move to amend the original bill’s 10-year online gambling extension authorization might represent a sort of pressure to increase tax revenues. Currently, gaming tax rates stand at 8 per cent for land-based casinos, 13 per cent for online sports gambling and 15 per cent for internet gambling.

Mark Giannantonio, president of the Casino Association of New Jersey, stressed that that the originally proposed 10-year extension was vital for the online gambling industry’s successful operations and growth. Echoing Mark Giannantonio’s views, Republican Assemblyman and former Atlantic City Mayor Don Guardian went on to warn that no one would invest money in an online gambling business if it gets only two-year extension.