The bill, known as S-3075, which supports and extends the use of online gambling by casinos aims to extend the authorization of online gaming services through 2033, providing stability and continued growth for the state’s gambling industry.

Republican Senator Highlights Economic Benefits of Online Gambling in Push for Authorization Extension

Senator Vince Polistina, a Republican representing District 2, emphasized the positive impact that the legalization of online gambling has had on the struggling casinos in the aftermath of the Great Recession. He pointed out that internet gaming has not only created numerous well-paying jobs but also generated millions of dollars in tax revenues for the state. By extending the authorization for online gambling, the legislation seeks to build upon this success and ensure the industry’s future prosperity.

Online casino gambling was first legalized in New Jersey in 2013, but the initial authorization was granted for a ten-year period, set to expire in November 2023. Over the past decade, online gambling has proven to be a significant driver of economic growth, job creation, and responsible gambling in the state, benefiting both residents and tourists.

If the bill is ultimately passed, it would extend the authorization for online gambling for another ten years, until 2033. The move is expected to solidify New Jersey’s position at the forefront of the evolving gambling industry and recognize the integral role that the Internet plays in shaping the success of casinos in the state.

New Jersey Takes Steps to Extend Online Gambling with Bills Advancing in Senate and Assembly

The positive trend of internet gambling in New Jersey is already evident, with the industry reporting impressive figures. In April alone, online gambling brought in nearly $159 million, marking a year-on-year increase of over 16%. This profitability has continued to rise, even as in-person gambling in Atlantic City has slowed down.

The bill’s advancement in the Senate Budget and Appropriations Committee marks a significant step forward, but it is not the only effort to extend online gambling in New Jersey. A similar bill has also been introduced in the Assembly and has been referred to the Assembly Appropriations Committee. The Assembly bill, co-sponsored by Assembly members Don Guardian and Claire Swift, both Republicans representing Atlantic City, aims to support the extension of online gambling in the state.

In May, legislation was also proposed in New Jersey to address the rise in gambling addiction among college students. The bill, which requires schools to prominently display a gambling addiction hotline, aims to raise awareness and provide support.

The proposed legislation came at a time when the relationship between college athletics and sports betting is being closely examined, with incidents and reports highlighting the need for responsible gambling practices in the industry. Another bill introduced in May saw the state of New Jersey shift its approach to underage gambling by proposing legislation that aims to provide help and support instead of punishment for young individuals struggling with gambling addiction, allowing judges to consider treatment options rather than issuing fines.

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Chile advanced a new online betting bill that will change how the vertical is regulated. The measure was first introduced in March last year but was stuck in limbo until now. While the bill will still need additional approvals, its advancement was praised by the gambling industry.

As of the time of this writing, the only regulated gambling companies in Chile are Lotería de Concepción, Polla Chilena de Beneficencia and Teletrak. Under new rules that were introduced in March, the Internal Revenue Service acquired the power to exclude offshore companies from the simplified tax regime, including sportsbooks, which are still unregulated.

At a later date, the Chamber of Deputies proposed to outlaw deals between betting companies and sportsbooks. For reference, the online sports betting market had already established a significant presence in local sports. The new bill, however, would regulate online betting, allowing online sportsbook companies to establish a foothold in Chile.

If Chile launches regulated online sports betting, it will likely hand out licenses through a non-competitive and administrative process. Bettors, on the other hand, will be assigned an ID before playing, making it easier to identify and prevent gambling harm.

Finally, Chile will only allow licensed companies to promote their products and will hand out fines to black-market brands that do not cease to market their products in the country.

Licensed Betting Can Benefit Chile

If Chile regulates iGaming, online casino and sports betting companies will have a major reason to rejoice. Carlos Baeza, a legal representative of Betano, Betsson, Coolbet and Latamwin, addressed the matter during an interview with El Dinamo, praising the direction Chile is taking.

Baeza noted that the industry would be very happy if the country properly regulates online gambling and introduces clearly defined rules regarding taxation and advertising. The representative lauded the Ministry of Finance’s efforts to help regulate gambling.

Gambling experts believe that gaming revenues will skyrocket if online betting is introduced. Analysts forecast an increase of over 100% in five years after the regulation of the vertical. The Superintendencia de Casinos de Juego, Chile’s gambling regulator, hopes to collect $50 million in taxes, which will be used to benefit the public.

The regulator hopes that if Chile opens up to the international online betting industry, it will be also able to benefit from a rich selection of modern safer gambling tools, cybersecurity measures and AI-driven protections.

The future of the measure will be consulted by June 12.

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