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NewsNovember 22, 2010·1 min read
New Jersey Moves Closer to Legalizing Online Poker
In a significant development, New Jersey has taken a major step towards legalizing online poker. Senator Raymond Lesniak introduced a bill for intranet poker, allowing online poker for New Jersey residents and the rest of the world, except for other US states.
The bill proposes that 20% of the company's revenue, estimated at $50 million, will be transferred to the state of New Jersey. This move is seen as a way to create jobs and keep profits within the state, rather than letting them flow overseas.
Meanwhile, Harrah's, the company behind the WSOP brand, announced the cancellation of its planned IPO due to market conditions. This decision comes after the company had previously announced plans to sell 31.25 million shares at $15 to $17 each to fund various projects in Las Vegas and other locations.
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