For months, many American states been exploring the option of legalizing online gambling to aid its recovery from the global recession. It has been a long time coming, but New Jersey has finally become the first state to pass an online gambling legislation.

Bill S490, drafted by Senator Ray Lesniak, would see the establishment of a regulatory body that would oversee all online gambling activities in the state. The bill was granted approval by the Senate Budget Committee on Monday, and must now move on to the Assembly and State Senate.

The bill circumvents the current online gambling ban, the UIGEA. Since New Jersey is keeping all online gambling activities within state borders, federal law cannot punish those taking part in the activity.

"The revenues generated and jobs created are now going offshore to international gaming operators," says Lesniak. "S 490 will redirect those revenues to our casinos in Atlantic City".

If the legislation is passed, the state of New Jersey would obtain 20% of all revenue from the online gambling companies that are permitted to operate in the market. Estimates predict that the new legislation would contribute $50 million to New Jersey each year.

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