TRENTON, NJ (AP) New Jersey casinos want to expand the nation’s top Internet gambling market for another 10 years, but state lawmakers could only approve it for two more years.
A state assembly committee on Tuesday passed a bill that would originally have allowed gambling in online casinos until 2033.
But the committee changed it to reduce the extension to just two years. The changes were not made public during the hearing, and lawmakers could not be reached for comment after the vote.
A bill to allow Danish offshore wind developer Orsted to keep tax credits it would otherwise have to give back to New Jersey taxpayers passed Friday afternoon by the narrowest of margins in the state legislature.
Internet gambling would be allowed for at least another five years under the latest proposal from New Jersey lawmakers.
New Jersey lawmakers are considering allowing Danish offshore wind developer Orsted to retain tax credits it would otherwise have to repay to taxpayers.
It is unclear when a final vote might be held.
Internet gambling has been a success story in New Jersey, which has won more from online gamblers than any other state that allows it.
Since New Jersey began accepting online bets in November 2013, Atlantic City casinos and their online partners have won $6.29 billion from gamblers, according to the American Gaming Association, the nation’s trade group. casino industry. This does not include money from online sports betting.
He has been widely credited with helping Atlantic City casinos stay afloat during the 3 1/2 months of closures in 2020 at the onset of the COVID-19 pandemic, as well as the lean months following casinos reopening, as many gamblers remained wary of venturing into crowded indoor spaces.
Relicensing the 10-year Internet gaming account is vital to the continued success of the New Jersey gaming industry and programs that are supported by the taxes it collects, said Mark Giannantonio, president of Resorts Casino Hotel and the Casino Association of New Jersey. This will also provide investor confidence in the New Jersey Internet gaming industry.
He declined to comment on changing the bill which cuts it from 10 years to two.
While it has undoubtedly provided a new revenue stream for Atlantic City casinos, Internet gambling appears to be permanently changing the habits of some gamblers who prefer to wager from home, the office, the beach or other places instead of visiting the casinos in person.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling market, said Internet gambling is becoming part of the new normal for many gamblers.
While welcoming the additional revenue, casino executives warn that internet gambling payouts can be misleading in terms of the overall health of their businesses. Money from online winnings must be shared with partners such as technology platforms and, in the case of sports betting, sports books, and is not reserved exclusively for casinos. Some casino executives say up to 70% of online winnings go to their partners in online ventures.
In addition to New Jersey, Internet gambling is legal in Pennsylvania, Nevada, Michigan, Delaware and West Virginia.
Associated Press writer Michael Catalini contributed to this story.
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