New Jersey lawmakers continue to work on a possible state constitutional amendment that will regulate intrastate online casinos in an try to get the problem at the November ballot. State Senator Ray Lesniak says the law could be a part of the mandatory moves to slow the flow of gaming dollars out of recent Jersey to alternative gambling venues and sites.Atlantic City casinos are in a declining spiral of revenue that has already lasted over two years. Struggles within the gambling industry because of the recession has been compounded by the increased competition, both from neighboring states and online casinos.
"There are billions of bucks of gambling money that we're leaving at the table," said Lesniak. "WE NOW HAVE time to get this right and craft a constitutional amendment in order to maximize revenues for the state and for our tourist destinations."
Despite implementation of the UIGEA, New Jersey is perfectly within its rights to regfulate and license Internet gambling, so long as both the casino and customer can be found within the state. The proposed measure would give online casino rights to the casinos licensed to function in Atlantic City, letting them reach beyond the walls in their resorts to acoop up gambling dollars.
Lesniak may be pursuing a sports betting bill, but that amendment is also stickier, as federal law forbids a state to legalize sports gambling. Lesniak is suing to have the law stricken due to the fact that it gives favorable treatment to Nevada over other states.
Published on June 21, 2010 by VirginiaMaddox
Read More... [Source: Atlantic City Casino News]
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