For the third time, Governor Chris Christie has said ‘no’ to a bill passed by the New Jersey legislature that would legalise internet gambling – but this time he made it clear that a little tweaking of the terms and he’d approve it.
It would have made New Jersey the third US state to legalise i-gaming behind Nevada and Delaware. The conditions, said Governor Christie are that the bill needed a 10-year trial period and better tax income from the casinos.
Atlantic City’s 12 casinos and innumerable i-gaming companies will feel encouraged by Governor Christie’s response and, accordingly, US gambling stocks went through the roof as speculators enjoyed their own gambling spree on the prospects of New Jersey and other states adopting legislation.
Christie said in a statement that he supports online gambling but needed some minor changes, principal of which was a hike on tax rates from casinos’ online winnings from 10 per cent to 15 per cent.
“While Atlantic City’s reputation and stature as one of the premier resort destinations on the East Coast are well chronicled, it is no secret that revenue from the region’s most important industries, gaming and tourism, has been in decline. Since the beginning of my administration, I have stressed the importance of reversing the trend of economic contraction in Atlantic City and have made the revitalisation of the region’s gaming and tourism industries a key priority.”
Some European shares rose on the news from across the Atlantic today. The London markets showed Bwin.Party and 888 Holdings up 15 per cent and 10 per cent respectively, while William Hill was 2.3 per cent up and Betfair 1.25 per cent.
