New Jersey Regulators Sign Bill to Allow Foreign Online Casino Operators
Operators who want to know how to start an online casino in New Jersey will soon be allowed to open their gambling sites there. On March 24, New Jersey has approved a bill that would allow offshore internet gaming companies to base their online casinos in the state. In order to run their businesses in New Jersey, online gambling firms from other states or countries must obtain a license from a casino based in Atlantic City. Once foreign companies partner up with New Jersey casinos, they would provide gaming and betting services to individuals from countries where gambling is permitted.
The bill was sponsored by state Senator Raymond Lesniak, and it received the approval of the State Government, Wagering, Tourism and Historic Preservation Committee. Lesniak explained that by passing this bill, New Jersey could become the online gaming leader in the United States.
Information on how to start an online casino in New Jersey has also been revealed. First, foreign operators will not be allowed to accept players from the United States. More than that, a 15 percent tax will have to be paid by online gaming firms that seek to open casinos based in New Jersey.
Senator Jim Whelan explained in a statement that the know-how of casino companies, the solid infrastructure and the secure market will transform New Jersey into a premium online gambling destination. The state already has an educated workforce, since New Jersey currently houses 11 land-based casinos. New Jersey legalized online gambling in November 2013, in an effort to help Atlantic City’s gambling establishments compete with Nevada and Delaware.
Morgan Stanley analysts have recently declared that New Jersey still has several problems with its geolocation technology, which is designed to guarantee that players who access New Jersey casinos are located inside the state. The company believes that these problems will be solved soon, but the industry’s growth will be reduced in the near term.
Operators who want to know how to start an online casino in New Jersey might be interested in knowing that during the first two months of this year, online casinos in the state generated $19.7 million. Almost 250,000 player accounts have been created since November, when the New Jersey online gaming industry was legalized.
BY CASINOWEBSCRIPTS PUBLISHED 25 March 2014