Light At The End of the Tunnel for NJ Poker Community
It’s an exciting week for the poker community in New Jersey with the first draft of the rules for online gaming expected this week. In fact they are expecting the preliminary standards for online gaming to be finished as early as this coming Thursday. It has been a long battle and an anticipated wait for the poker community in New Jersey and now there is light at the end of the tunnel.
This means that predictions for online poker could be in place by the end of this year. Nevada fast tracked the law allowing interstate compacts without federal law, which encouraged New Jersey to legalise online gambling and is expecting internet gambling to be in place within nine months.
Third Time Lucky
New Jersey Governor, Chris Christie declined the new law twice over the past two years and has made a complete turnaround approving the legislation last week. It was the third attempt to get the legislation approved and is expected to offer an exciting option while offering financial benefits to New Jersey.
The bill was first attempted in 2010 and was approved by the state but vetoed by Governor Christie. A second attempt was made in 2012 and again it was approved by the state but vetoed by Christie.
The new legislation does come with amendments to the bill which includes an increase in the gross revenue tax from ten to fifteen percent and the funds have been increased for gambling programs from $150,000 per annum to $250,000 per annum.
The federal internet poker bill was declined last year causing Nevada and New Jersey to rush, hoping to become the online gambling hub. Another state already legalised online gambling is Delaware and they are expected to be up and running by the end of September 2013.
Online Poker Operator Licenses
The states have granted companies an additional six months to test their software and some live casinos in Nevada have already been issued with online poker operator licenses, though no real money games have taken place as of yet.
New Jersey licenses are limited to live casinos only; the same has taken place in Nevada. This means that live casinos which are already open to the public will be awarded licenses- there are twelve in Atlantic City alone.
Online poker giant PokerStars are currently negotiating to purchase the Atlantic City Casino Hotel in Atlantic City, immediately offering them an online poker operator license.