NJ proposal would lure foreign gambling companies - New York News

NJ proposal would lure foreign gambling companies

Posted: Updated:
By WAYNE PARRY

ATLANTIC CITY, N.J. (AP) - A New Jersey lawmaker wants to let foreign gambling companies set up shop in the state and be subject to New Jersey's famously tough casino regulation.

The payoff would be a 15 percent tax on their winnings, plus payments into a fund to raise $20 million a year for three years for New Jersey's struggling horse racing industry.

State Sen. Raymond Lesniak says the foreign companies would set up servers in New Jersey but would exclude American players.

Lesniak says many overseas gambling companies are eager to submit to New Jersey's regulations and receive the stamp of approval for their operations that such oversight would confer.

New Jersey will become the third state in the nation to offer Internet gambling. A five-day test period begins at 6 p.m. Thursday.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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