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The law legalizes online casino gambling for a ten-year trial period, restricts the operation of the websites to Atlantic City's eleven casinos, and imposes a 15% tax on online gambling revenue, instead of the 8% currently imposed on casinos. [47] [clarification needed]
New Jersey gambling regulators say Atlantic City's top-performing casino, the Borgata, underpaid some of its internet gambling taxes twice by taking almost $15 million more in credits than it was ...
The New Jersey Division of Gaming Enforcement (DGE) is a governmental agency in the U.S. state of New Jersey that was established in 1977 under the Casino Control Act, N.J.S.A. to ensure the integrity of the casino gaming industry, including sports wagering at horse racetracks, in the state.
ATLANTIC CITY, N.J. (AP) — New Jersey gambling regulators have handed out $40,000 in fines to two sportsbooks and a tech company for violations that included taking bets on unauthorized events ...
The service argued that Section 165(d) precluded the taxpayer from engaging in gambling as a "trade or business." [4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a taxpayer is at a loss instead of a net gain and “serves to ...
The individual often credited for ultimately ending illegal gambling in Ocean City is Jack Sanford, who was elected as the States Attorney for Worcester County around the 1950s.
A law passed by popular vote in 1976 gives Atlantic City a monopoly on casino gambling in New Jersey. [1] [2] Current holders of casino licenses in Atlantic City would have six months to draft proposals for two casinos in the northern area of the state. Each casino proposal would have to include an investment of at least $1 billion.
In 1989, the casino at the Atlantis Hotel and Casino was forced to close. [18] In 2007, the Tropicana Hotel & Casino was denied a renewal of its license. [19] In 2010, the CCC approved a settlement between the New Jersey Division of Gaming Enforcement and MGM Mirage, whereby MGM relinquished its 50% ownership in the Borgata Hotel Casino.