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Governor Chris Christie (R-N.J.) today signed a bill into law that legalizes online gambling, making his state the third in the country to do so, according to The Wall Street Journal.
The new law allows Atlantic City casinos to run websites that offer betting on games like poker, blackjack, and slots; however, only players physically in New Jersey can gamble on these sites. Industry regulators will reportedly track their locations.
The news is no doubt of interest to the social casino gaming market, which is now generating over a billion dollars a year in revenue from in-game currency sales. The market doubled in size in 2011, according to research firm SuperData, generating an estimated $1.6 billion in revenue. SuperData expects that figure to increase to $2.5 billion by 2015.
Currently, Nevada and Delaware are the only other states in the U.S. that allow online gambling. If it becomes more widespread, it could give game publishers another source of revenue.
The WSJ says that data service H2 Gambling Capital estimates online gambling in the Garden State will generate revenue of $410 million in the first year.