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And the winner is up.
New Jersey governor Chris Christie signs a bill legalizing online gambling in the garden state.
They couldn't come at a better time slammed by competition from neighboring states Atlantic City facing rapidly shrinking revenue.
The gaming cities once more than five billion dollar gambling industry dwindled down to only half that the last few years since -- slump.
So maybe letting blackjack fans back from their basements is -- state saving grace.
New Jersey state assemblyman John.
-- de L I hope I said that right just -- did this cosponsor of this -- -- just -- that currently he's on the regulatory oversight and gaming committee.
He joins me now.
Thank you being -- for being with us -- -- -- and that just tell us.
What is the three great things you like about this new online gambling hall in your state.
Well Dennis first thanks for having me on.
And -- I just think this is an opportunity and online gaming the -- -- bill has been -- worker progress.
As back as far back as 2010.
We know that Governor Christie vetoed the original legislation into 2011.
And this assembly bill went in front of him.
Fact a month ago.
For almost fifty days ago.
And on February 7 he made three five strong recommendations.
There were conditionally vetoed recommendations on the governor's behalf.
To actually make it a better piece of legislation and we were all.
On a bipartisan.
On board to yes agree to all his condition.
Yes sir all right now -- new Jersey's going to charge a 15%.
Tax on the gambling revenues.
Which is compared almost double the 8% tax that you charge on gambling in Atlantic City.
Yet online gambling doesn't raise the State's cost and all of police enforcement of road building.
Why are you doubling the tax rate for online gambling.
Well the governor had a concern about addressing issues with compulsive.
Gambling treatment programs.
And the original legislation had 10% -- it and we certainly championed his.
His recommendation -- going to 15% because of all the benefits.
That the casino revenue fund receives.
Not only from the 8% from the original casino gaming act.
But from this 15%.
Tips to help support.
You know with the decline in revenues as you've stated earlier this will help support.
The senior programs the programs for the disabled the pad transportation programs meals on wheels.
Many programs that help the elderly and -- disabled.
In our state.
So I don't champion that effort.
Could you guys in trying to help Atlantic City which is gone from five or six billion down a three billion gambling revenue couldn't be hurting Atlantic City because now I can.
Gamble from my basement in New Jersey -- have to -- going to let it did do it.
Well -- good good question but it's been going on for years -- sure.
Enterprises and gambling establishments have had Internet gaming this gives us the opportunity not only to regulate -- but to be able to.
Make sure we put protections and transparency in place and also be able to.
Win on the revenue side rather and have and that there's strong revenues leaving.
Not only the United States but even the state -- New Jersey for the ones to participate in the U illegal.
-- sure enterprises.
Offering Internet gaming this allows us to keep it within our jurisdictional boundaries within the state in New Jersey.
And to be able to draw that revenue and increase that tax revenue to help the residents and the scene.
Okay has been started to half a billion dollars so maybe and gambling revenue that first full year.
And then New Jersey would get 15% -- that thanks and congratulations on your break -- some -- today.
Dennis Dennis thank you okay.
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