New Jersey Seeking to Legalize Online Poker

The declining economy has had quite an effect on the gambling industry, especially in Atlantic City where revenue has declined for 26 consecutive months. In order to boost revenue, New Jersey is looking to become the first state to legalize online gambling, meaning it will regulate and tax the industry. The brains behind this operation? Senator Ray Lesniak who believes the online gaming industry can bring in millions of dollars to pick up the slack for race tracks and casinos.

The s490 bill has already been approved by the Senate Budget Committee. The bill still has to pass the State Senate, the Assembly, and Governor Christie. New Jersey would receive 20% of online gambling companies’ revenue, estimated to be around $50 million annually. However, some believe that estimate is way too high and won’t do much to make up for dwindling casino money.

Although this could be very good for New Jersey, it could completely backfire and other states could follow suit, severely decreasing their market. The bill is expected to pass around the first quarter of 2011.

We’ll keep you updated on this story but in the meantime, check out our website for the best custom poker chip sets and poker table supplies.