A New Jersey state Assembly committee has approved a bill that will extend the state’s online gambling industry, with one major amendment — it will only be extended for two years.
The original bill S3075 had proposed a ten year extension which would have seen New Jersey online casinos and sportsbooks assured of market access until 2033. However, despite no major objections to the industry renewal, the committee opted to reduce the extension period down to just two years.
The changes to the extension were not made public during the public hearing and the committee has given no indication as to why such a drastic change is required. There is also no indication of when a final vote on the bill might take place.
Speaking to the local press, Mark Giannantonio, president of Resorts Casino Hotel and of the Casino Association of New Jersey said:
“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. This will also provide investor confidence in the New Jersey internet gaming industry.”
However Giannantonio made no direct comment in relation to the reduction of the extension period to two years.
New Jersey first allowed online gambling in November of 2013 and since then the state’s casinos and online partners have reported combined revenues of more than $6.29 billion. Interestingly, this figure only reflects the state’s online casinos and not revenues from New Jersey sports betting.
iGaming is just area where New Jersey lawmakers could be about to make some changes. Last week it was reported that representatives and senators would review gambling ads for both online and retail betting and look at the possibility of closing the loophole that allows casino patrons to smoke on the gaming floor.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.