New Jersey Gov. signs bill extending online gambling through 2028
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New Jersey Governor Phil Murphy has signed a bipartisan bill that extends online gambling in the state through 2028. The five-year period is the middle ground between proposals made over the last few weeks that called for extensions ranging from two years to a full decade.
The legislation supports the application of online gaming by casinos and aims to maintain New Jersey's position at the forefront of the evolving gambling industry, argue its backers. Following the bill's passage into law, Senator Polistina emphasized the positive impact of online gambling on the state's economy and job market.
He stated: "The legalization of online gambling and sports betting was acatalyst for struggling casinos in the aftermath of the Great Recession. It has created a number of good-paying jobs and has generated millions of dollars in tax revenues for the state."
The authorization of online casino gambling in New Jersey initially took place in 2013 for a 10-year period, which is set to expire in November. Over the past decade, online gambling has significantly contributed to economic growth and job creation while providing entertainment options for residents and tourists, supporters claim.
Senator Polistina emphasized the crucial role that the Internet plays in the success of casinos in New Jersey, particularly in light of the challenges faced during the COVID-19 pandemic. Tax revenue from online casino gambling has steadily increased, becoming a significant source of annual tax collections for the state, with over $250 million generated via the Casino Revenue Fund.
The newly signed Senate Bill S-3075 extends the existing authorization for an additional five-year period, aiming to ensure stability in the gambling industry until 2028. However, gaming stakeholders pushed over the last few weeks for this timeframe to extend until 2033.
Mark Giannantonio, president of Resorts and the Casino Association of New Jersey, argued before the state implemented the five-year plan that a decade extension was in the best interests of the casino industry and the state.
“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,” he declared earlier in June.
After initially proposing a 10-year extension, state politicians in Trento slashed the revision to just two years. . The reasons behind the modifications from the initial 10-year extension remain unclear.
