New Jersey might become the first state to fully legalize online gaming in the state after the passage of legislation in the state senate earlier this week. The senate approved the plan which will define the frame law in order Atlantic City casinos to create online gaming sites offering popular games like bingo, blackjack, roulette and other games. The bill requires an approval by the governor and if it passes, New Jersey will be the first United States state which will fully legalize the operation of online gaming within the year 2010.

As we have stated in other articles, the federal gambling laws offer the ability to each state to allow or not the operation of online gaming sites. Each state is able to issue the necessary gambling licenses and at the very same time, the state will be responsible to monitor and regulate the online casino and poker rooms. What is important to understand is that although the online bingo/casino/poker sites will be accessible from anywhere in the US or in the world, only the residents of the state which issued the gambling license will have the ability to play online on those sites.

The supporters of the bill claimed that online intrastate gambling can produce around $250 millions per year and over 1,500 jobs. A tax rate of 20% will provide to the state an immediate income of over $55 millions per year. Many states in the US such as California are promoting legislations regarding online gaming as they realized that millions of dollars can be returned back to the state coffins in the form of taxation. The states will apply taxes only to the winnings no matter if it is players’ winnings or the online companies’ winnings.

This news post was written by Tracey Trevors on July 8, 2010