02/07/2013 2:51PM

Gov. Christie vetoes New Jersey online gambling bill

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New Jersey Gov. Chris Christie on Thursday vetoed a bill that would have allowed the state’s casinos to operate online gambling sites, saying that the legislation did not go far enough in taxing profits from the operations.

In a statement released by his office, Christie said that he supported online gambling but that the 10-percent tax rate in the legislation should be increased to 15 percent. He also said that any legislation authorizing online casino-type gambling should have a 10-year moratorium.

The legislation would have made New Jersey the third state to legalize online gambling, following Nevada and Delaware. Christie vetoed similar legislation last year.

Casino companies in New Jersey lobbied for the legislation as a way to generate revenue in the face of severe declines in gambling at their Atlantic City locations over the past five years. Atlantic City casinos are rapidly losing market share in the Northeast because of the expansion of gambling in neighboring states.