John Brennan of The Record pointed out an interesting fact this past weekend.
New Jersey, which last month legalized online gambling, has already generated a massive windfall from the activity: $90 million to be precise.
For those of you scratching your heads asking "How?" when it doesn't appear any gambling sites have yet to launch, you are not living in a parallel universe.
That’s because, all along, the Garden State has allowed gambling on the Web.
These bets were taken on various horse races within the states, all legal based on federal legislation that allows for horse wagering on the Web.
Brennan notes that a recent survey shows only 10 percent of those living in the state were aware such websites existed.
The Unlawful Internet Gaming Enforcement Act (UIGEA), passed in 2006, made most forms of online gambling illegal in the US. Horse racing, Fantasy sports betting and state lotteries were exempt from this law.
New Jersey recently announced that, in addition to being able to offer real money online casino and poker, Atlantic City casinos will also be permitted to take bets on Fantasy Football, Baseball and other sports.
- Aaron Goldstein, Gambling911.com