The time may finally have arrived for the first state to legalize and regulate online casinos.  It has been predicted by many industry experts that states would regulate online casinos before any sort of federal legislation would be passed.  The situation in New Jersey is prime for something as dramatic as a bill regulating online casinos.

Atlantic City, New Jersey has lost its edge.  Ever since Pennsylvania got seriously involved in the gambling industry and more and more states in the region are expanding gambling, it has been very difficult for Atlantic City to keep up.  With Pennsylvania table games on the way, New Jersey needs to expand their gambling options in a way that will keep them ahead of the competition.

There is a lot of money to be made off online casinos in New Jersey.  Statistics show that there are about 500,000 New Jersey residents that play online poker.  Right now these players are being offered no consumer protection because of the lack of laws regarding online casino in the United States.  New Jersey’s involvement could change all that.  The bill being proposed would establish a annual tax on gross revenues from online casinos of 20 percent.

“We're missing out on around $100 million in revenue,” said New Jersey Senator Raymond Lesniak.

“It would be a big boost to the casino industry in Atlantic City. It's a bold move, and in this economy we need bold moves.” 

It is not likely that New Jersey will act alone in bringing some regulation to online casinos, odds are Pennsylvania or California will follow hot on their heels.