New Jersey Finally Approves Online Betting

New Jersey this week became the second US state after California to legalize online exchange betting, after Governor Chris Christie signed Assembly Bill 2926 into law.

However, a related bill that would see the state become the first in the United States to legalize online gambling still awaits Christie's signature.

Online exchange betting approved

Under 2926, the New Jersey Sports and Exposition Authority will be permitted to operate an online betting exchange for horse racing in the state, which should provide a timely boost for industry revenue.

The new law will go a long way toward reviving casinos in Atlantic City - the second largest gambling market in the US which have suffered from a decline now in its fourth year.

Online gambling bill still waits

However, the governor is yet to sign the Intra-State Internet Gambling bill, which passed both houses of the legislature in mid-January and which would allow Atlantic City casinos to provide online version of their games to state residents, including poker, blackjack, slots and roulette.

A report by trade industry group iMEGA estimates that the new law could bring up $55 million in tax revenue to state coffers annually, if Christie goes ahead and approves it.