NEW JERSEY 101.5

Looking to make Internet gaming in New Jersey more profitable, state Sen. Ray Lesniak (D-Union) announced a plan earlier today that he hopes will put New Jersey at the hub of an international gaming industry.

Online Gambling Sites (Bruno Vincent, Getty Images)

The proposal would authorize the Division of Gaming Enforcement to provide licenses to companies that offer Internet gaming to other countries where it is legal, allowing overseas customers, including casinos, to place bets on casino games via the Internet. It would only apply to foreign countries and regulatory agreements would have to be implemented between New Jersey and the foreign jurisdiction.

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.

"This is the next step toward my goal of making New Jersey the Silicon Valley of Internet gaming," said Lesniak. "It's a multi-billion dollar market and it also provides many, many, many jobs, hi-tech jobs."

In addition to job creation, Lesniak explained that his initiative would help attract international gaming companies to New Jersey, producing state revenue and economic expansion.