A House committee yesterday approved legislation that would legalize some Internet gambling, allowing U.S. residents to place online wagers with companies the Treasury Department has licensed.
New Jersey’s revenue from Internet gambling may fall $148 million short of Governor Chris Christie’s budgeted estimates this fiscal year, according to the legislature’s chief fiscal analyst.
When U.S. Representative Jim McDermott went looking for revenue to improve foster care for kids, he said he stumbled on what may turn out to be a jackpot: a tax on Internet gambling.
Bradley Franzen, accused of helping to disguise Internet gambling payments, pleaded guilty to three counts, including taking part in conspiracies to commit bank fraud and money-laundering.
Atlantic City, New Jersey, has wagered on casinos for its fortunes for decades. Don Guardian, the first Republican mayor elected in almost 30 years, wants to place a side bet.
A Canadian man charged with conspiracy and bank fraud for allegedly laundering $350 million for foreign Internet gambling companies pleaded guilty to a single count of processing offshore bets of U.S. citizens.
New Jersey’s four-month-old Internet gambling industry generated $10.3 million in revenue in February, an 8.9 percent increase from January.
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