Legal headway for online gambling made in the state of New Jersey and in Portugal
Within the last few days, online gambling updates have occurred in the EU and the USA, with Portugal announcing the legalization of online gambling and New Jersey preparing for its new start in the industry, next month.
As we have discussed many times on Payments Magnates, the face of online gambling in the European Commission is constantly changing, shifting and evolving, as a result of several influencing factors, one being the economy and the financial tribulations of the European countries in recent (and not so recent) years.
For Portugal, the pressures have been forceful and following a country visit by the creditors of Portugal’s €78b debt including members of the European Central Bank, the International Monetary Fund, and the European Union, the realization that its dire financial situation is far from solved with zero prospects of ongoing aid, the country announced the opening of its online gambling market as reported by CalvinAyre.com.
According to a 2011 report, Portugal could recap €250m in online gambling businesses in its first year. And in what appears to a smart financial move, the government will be discussing the prospects of the market and regulation implementation but has not been explicit on what these regulations will look like. However, it is hoped that Portugal avoids making the same mistakes as Spain with regards to operator gaming tax pitched considerably high at 25% which is imposing limitations on the market.
Stocks to Watch This Week – Expedia Group, IncGo to article >>
And then, with the reintroduction of online gaming in the US, slowly occurring in various states like Nevada and Delaware, New Jersey will reportedly be starting a five day trial period on November 21, for invited guests, leading up to the official opening of online gambling systems at 9am EDT on November 26.
According to the Winnipeg Free Press, this venture also pursues a cash injection and hopes to assist the revenues of existing struggling casinos in Atlantic City. “I think this is going to be a significant revenue stream,” said Robert Griffin, CEO of Trump Entertainment Resorts, which operates two casinos here. “It has the potential to make up 20 per cent of our revenue.”
Image courtesy of Flickr