New Jersey is but a step away from becoming the first state in America to regulate Intra-State Internet gambling. A Bill authorising Atlantic City casinos to offer online games to persons physically present in the state was approved by the Legislature in January 2011. It awaits the signature of Governor Chris Christie, who, during his time in office, has pushed hard to reinvigorate the state’s flagging gaming economy. With New Jersey on the cusp of introducing safe and secure online games — games which could profitably generate hundreds of millions of dollars in revenues each year — other states have begun to take notice.
In Iowa, state Senator Jeff Danielson, Democrat of Waterloo, will this week introduce a large gambling Bill that includes provisions authorizing the state’s licensed casinos to offer Internet poker to persons physically present there. The Bill must clear its first hurdle, a vote in legislative committee, by March 4. In order to become law, the Bill must then be approved by both chambers of the Iowa Legislature and, finally, signed by Governor Terry Branstad. Relative to New Jersey, the Internet gambling debate in Iowa is in its early stages, but gambling industry lobbyists in Des Moines say that the Legislature will consider Internet poker carefully in light of the fiscal returns it could generate for the state.
Early estimates prepared by groups lobbying for the Iowa gambling Bill suggest that Internet poker, if legalized, could generate $35 million in revenues for the state each year. In New Jersey, though, the figures are even bigger. According to a study commissioned by the Interactive Media Entertainment and Gaming Association (iMEGA), an Internet gambling industry trade group, Internet gambling could generate $250 million in revenues for the state in its first year, and as much as $7.1 Billion over the long run. Taken together, the estimates from Iowa and New Jersey show that introducing even limited forms of Internet gaming could deliver nearly $300 million to two states that are cutting funding for public programs and in desperate need of new revenues.
“This week marks a turning point for Internet gambling in the United States,” says Chris Krafcik, an independent analyst who tracks American Internet gambling policy for publishers and consultancies around the world. “First, Governor Christie will decide by March 3 whether to approve, veto, conditionally veto, or abstain from voting on the Internet gambling Bill pending there. Second, a committee in the Iowa Legislature will decide by March 4 whether Internet poker will feature as a public policy issue this year. If Christie signs the Bill and the Iowa Legislature runs with Internet poker, Internet gambling will have taken big steps toward being recognized as the safe, secure and revenue-generative business that it is.”
Showing posts with label S490. Show all posts
Showing posts with label S490. Show all posts
Wednesday, March 2, 2011
Monday, February 28, 2011
iMEGA Predicts New Jersey iGaming Bill Will Generate 35,000 Jobs
A new Bill that could create 35,000 tech jobs over 10 years is on Gov Chris Christie’s desk.
New Jersey data centres and bandwidth providers could be about to hit the jackpot if a new Intra-State gaming Bill is signed into law this week. Experts estimate that Bill S490, which seeks to modernise and regulate internet gaming within the State of New Jersey, could create 35,000 jobs for the tech industry, as well as generating significant fiscal revenue that could help to close the State’s ailing budget deficit.
A recent poll conducted by iMEGA, the Interactive Media Entertainment and Gaming Association, suggests that the Bill (S490) is largely supported by New Jersey residents; with eighty-five percent responding in favour of its passage. Thirty-two percent of these respondents are “gamers” and core supporters of online gaming, while fifty-two percent are “economic pragmatists”, who, while not actually participating in gambling themselves, said that they supported the rights of those who choose to do so, and welcomed the potential boom to the New Jersey economy.
Justin Bellinger, Business Development Director of Cable & Wireless, added, "The fast paced and extremely high-tech nature of the iGaming industry is boon to any economy. The complex technology required to support these operations requires an expansive and skilled workforce dedicated to supporting the operation 24/7. Specialist hosting facilities, information security skills and network operations centres overlay the underlying foundations of large, stable internet and power links.
There isn't a more demanding proving ground for e-commerce activities than the gaming industry - in the jurisdictions that I have worked in this had led to many opportunities outside the gaming sector that simply were not available before the hosting, bandwidth and skills required to support the gaming industry were developed."
The legislation passed in the States Assembly and Senate on January 10th 2011 and is now waiting to be signed into law by Governor Chris Christie. The Governor has four options to execute the Bill before the March 3rd deadline: He could veto the Bill, he could opt for a conditional veto, which sends the Bill back to Assembly and Senate for changes; he could approve the Bill into law; or he could choose to do nothing, in which case the Bill would automatically become law on March 4th.
Source: http://www.gambloggersbizblog.blogspot.com
New Jersey data centres and bandwidth providers could be about to hit the jackpot if a new Intra-State gaming Bill is signed into law this week. Experts estimate that Bill S490, which seeks to modernise and regulate internet gaming within the State of New Jersey, could create 35,000 jobs for the tech industry, as well as generating significant fiscal revenue that could help to close the State’s ailing budget deficit.
A recent poll conducted by iMEGA, the Interactive Media Entertainment and Gaming Association, suggests that the Bill (S490) is largely supported by New Jersey residents; with eighty-five percent responding in favour of its passage. Thirty-two percent of these respondents are “gamers” and core supporters of online gaming, while fifty-two percent are “economic pragmatists”, who, while not actually participating in gambling themselves, said that they supported the rights of those who choose to do so, and welcomed the potential boom to the New Jersey economy.
Justin Bellinger, Business Development Director of Cable & Wireless, added, "The fast paced and extremely high-tech nature of the iGaming industry is boon to any economy. The complex technology required to support these operations requires an expansive and skilled workforce dedicated to supporting the operation 24/7. Specialist hosting facilities, information security skills and network operations centres overlay the underlying foundations of large, stable internet and power links.
There isn't a more demanding proving ground for e-commerce activities than the gaming industry - in the jurisdictions that I have worked in this had led to many opportunities outside the gaming sector that simply were not available before the hosting, bandwidth and skills required to support the gaming industry were developed."
The legislation passed in the States Assembly and Senate on January 10th 2011 and is now waiting to be signed into law by Governor Chris Christie. The Governor has four options to execute the Bill before the March 3rd deadline: He could veto the Bill, he could opt for a conditional veto, which sends the Bill back to Assembly and Senate for changes; he could approve the Bill into law; or he could choose to do nothing, in which case the Bill would automatically become law on March 4th.
Source: http://www.gambloggersbizblog.blogspot.com
Friday, February 25, 2011
March 3rd Deadline Approaching for New Jersey Internet Gambling Bill
New Jersey casinos await a decision on the modernisation of New Jersey’s Gaming Laws
New Jersey may become the first state in the US to approve the regulation of intrastate online gambling, as Governor Chris Christie decides whether to sign Bill S490 into law. The Bill was passed in State’s Assembly and Senate in January and the period before which the Governor must make his decision will conclude on March 3rd. If ratified, New Jersey will become the only state in America permitting legal online gambling for its residents. Experts speculate that a successfully regulated intrastate iGaming industry could generate up to seven billion dollars in gross yield, create 57,000 new jobs, and contribute an estimated $472 million in tax revenues.
Assemblyman John Burzichelli said: "The casino and horseracing industries are two backbones of New Jersey. They create jobs and spark economic development in many, many ways, and we must ensure they remain strong and competitive economic engines for generations to come. These bills all aim to accomplish that goal on many fronts.” According to his statement in newjerseypressrom.com
The legislation passed in the States Assembly and Senate in January 10th 2011 and is now waiting to be signed into law by Governor Chris Christie. The Governor has four options to execute the Bill before the March 3rd deadline. He could veto the Bill; he could opt for a conditional veto, which sends the Bill back to Assembly and Senate for changes; he could approve the bill into law; or he could choose to do nothing, in which case the Bill would automatically become law on March 4th.
Joe Brennan Jr, Chairman of iMega, the Interactive Media Entertainment and Gaming Association, said, “Governor Chris Christie has decided to take advantage of the time granted to him to make this decision and look closely at all the factors of this bill.”
Source: http://gambloggersbizblog.blogspot.com
New Jersey may become the first state in the US to approve the regulation of intrastate online gambling, as Governor Chris Christie decides whether to sign Bill S490 into law. The Bill was passed in State’s Assembly and Senate in January and the period before which the Governor must make his decision will conclude on March 3rd. If ratified, New Jersey will become the only state in America permitting legal online gambling for its residents. Experts speculate that a successfully regulated intrastate iGaming industry could generate up to seven billion dollars in gross yield, create 57,000 new jobs, and contribute an estimated $472 million in tax revenues.
Assemblyman John Burzichelli said: "The casino and horseracing industries are two backbones of New Jersey. They create jobs and spark economic development in many, many ways, and we must ensure they remain strong and competitive economic engines for generations to come. These bills all aim to accomplish that goal on many fronts.” According to his statement in newjerseypressrom.com
The legislation passed in the States Assembly and Senate in January 10th 2011 and is now waiting to be signed into law by Governor Chris Christie. The Governor has four options to execute the Bill before the March 3rd deadline. He could veto the Bill; he could opt for a conditional veto, which sends the Bill back to Assembly and Senate for changes; he could approve the bill into law; or he could choose to do nothing, in which case the Bill would automatically become law on March 4th.
Joe Brennan Jr, Chairman of iMega, the Interactive Media Entertainment and Gaming Association, said, “Governor Chris Christie has decided to take advantage of the time granted to him to make this decision and look closely at all the factors of this bill.”
Source: http://gambloggersbizblog.blogspot.com
Wednesday, February 16, 2011
iMEGA Study Shows Billion Dollar iGaming Bill Critical to New Jersey Economy
An economic development study released by the Interactive Media Entertainment and Gaming Association (iMEGA) on the economic and fiscal impact of iGaming legislation currently awaiting the signature of New Jersey Governor Chris Christie (R) shows how regulating iGaming could revive the State’s dismal economy. The long-term financial benefits of New Jersey’s Intra-State Internet Gambling Bill (S490) are being heralded as a major catalyst for the recovery of the state’s ailing economy, as well as a launch pad for its employment sector, as the State seeks to become the capital of regulated iGaming in the US.
The report, entitled “Potential Economic and Fiscal Impacts of the Proposed New Jersey Intra-State iGaming Bill,” was submitted to iMEGA by Econsult Corporation a public policy and economics consulting firm. The report assesses the considerable economic and fiscal impact of the proposed regulation in New Jersey.
According to the economic development study the mechanics of the proposed Bill will see the long-term creation of up to 57,000 new jobs (employees earning up to $2 billion in personal income) contributing to a potential $7 billion in gross iGaming yield. This will provide an estimated $472 million in total New Jersey tax revenues for a state in dire need of relief from an onerous budget deficit.
The shorter-term impacts would see “increased economic activity, employment, demand for commercial office space and tax revenues” and would account for between £210 million to $250 million in gross gaming yield. This will bring in $55 million in tax revenue while providing around 2,000 new jobs in the sector. And when you consider that all of the quoted figures are based on poker and casino games alone, the scope to the opportunity awaiting New Jersey is further emphasised.
Joe Brennan Jr, iMEGA Chairman, explained; “The economic benefit has the potential to extend far beyond the available gaming tax yield.”
“What has made this compelling for New Jersey is the opportunity for job creation in a high-tech sector, as well as the ability to attract significant investment dollars to the state. New Jersey wants to be the capital of iGaming, and with all of the infrastructure, workforce, regulatory and location advantages, it very well could be.”
The long-term benefit for New Jersey, is seen in the report as the State’s “first mover” advantage in becoming the business hub for a nation-wide iGaming industry. The report states: “Successful enactment of the proposed legislation could generate economic and fiscal benefits that far exceed those associated with an intrastate system. In particular, passage of this legislation could allow New Jersey to become the business hub of a burgeoning new industry, exporting services to and generating income from gamers throughout the country.”
The news comes as the State of New Jersey’s debt has been downgraded by Standard & Poor to AA- from AA, making it one of the seven lowest rated states in America. The new negative rating could make government borrowing or refinancing more expensive for taxpayers and adds to a much under-funded pension scheme.
Signing the iGaming bill into law may now appear to be more of a priority than the Governor’s office had first anticipated. Earlier this month, Governor Christie learnt that the deficit he faces as he creates his first budget could be anywhere between $8 billion and $11 billion.
Source: Gamblogger's Biz Blog
Source: Gamblogger's Biz Blog
Tuesday, January 11, 2011
New Jersey Legislature Passes iMEGA-backed Internet Gambling Bill
The New Jersey legislature has passed the Intranet-State Internet Gambling bill, which will permit casinos in Atlantic City to offer online versions of their games to residents within the borders of the state.
The bill, S490, which was co-sponsored by Sen. Ray Lesniak (D) and Sen. Joe Kryillos (R), was approved in the NJ Senate by a 34-2 vote. The Assembly version of the bill was approved by a 63-11-3 vote.
The bill now heads to the desk of Governor Chris Christie (R) for his signature, which would enable New Jersey to become the first state to regulate Internet gambling.
iMEGA chairman Joe Brennan Jr. released a brief statement in the wake of the successful vote:
“Congratulations to New Jersey’s legislators on their overwhelming vote in favor of the Intra-State Internet Gambling bill. It’s clear that New Jersey’s representatives want their state to be at the forefront of the online gaming industry, both in the US and globally.
“With the combination of the top regulators in gaming, great information technology infrastructure, a highly-educated workforce, and the strong foundation and leadership of the Atlantic City casino industry, New Jersey is certain to lead this industry’s growth in the US, while creating high-paying, skilled jobs in the technology sector and also attracting investment to the state.”
The bill, S490, which was co-sponsored by Sen. Ray Lesniak (D) and Sen. Joe Kryillos (R), was approved in the NJ Senate by a 34-2 vote. The Assembly version of the bill was approved by a 63-11-3 vote.
The bill now heads to the desk of Governor Chris Christie (R) for his signature, which would enable New Jersey to become the first state to regulate Internet gambling.
iMEGA chairman Joe Brennan Jr. released a brief statement in the wake of the successful vote:
“Congratulations to New Jersey’s legislators on their overwhelming vote in favor of the Intra-State Internet Gambling bill. It’s clear that New Jersey’s representatives want their state to be at the forefront of the online gaming industry, both in the US and globally.
“With the combination of the top regulators in gaming, great information technology infrastructure, a highly-educated workforce, and the strong foundation and leadership of the Atlantic City casino industry, New Jersey is certain to lead this industry’s growth in the US, while creating high-paying, skilled jobs in the technology sector and also attracting investment to the state.”
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