The governor had conditionally vetoed the bill earlier in February, sending it back to the legislature with requests to amend the bill. Lawmakers accepted the amendments, re-passed it, and sent it back to the governor's desk, leading up to yesterday's signing.
Nevada Gov. Brian Sandoval signed a similar bill on Feb. 21, and the state already has received about 20 applications from vendors wishing to open platforms within the state. Insiders indicate that most of Atlantic City's casinos have been looking into ways to start operations that will help them take advantage of the new landscape.
The bill allows for interstate compacts with other states where similar bills have been passed - meaning residents in those states would be able to play against each other online once legal platforms are established. New Jersey is still working on the mechanics of such regulations.
Under the revised terms of the bill, online betting will be offered for a ten-year trial period, and taxes on online winnings by casinos would be taxed at 15 percent. Gov.Christie's office estimated that contributions to the state's Casino Revenue Fund would soar from $235 million this year to $436 million next year, due to the influx of online gambling revenue. Casino executives estimate it will take between six and twelve months to get systems up and running.