Pros Could Start Buying Up Condos in NYC, Philly With NJ Online Poker

With news Thursday that the New Jersey Senate had passed a bill to legalize online gambling by a margin of 33-3, one has to wonder about a positive economic impact that may not have initially been entered into the equation:  a real estate boom!

While the bill is yet to be signed by New Jersey Governor Chris Christie, there is every reason to believe he supports such legislation.  Legalizing online gambling in the Garden State was expected to bring in millions of dollars in added revenue. Much of that will be in the form of taxation and licensing fees, but what about real estate?

Since April 15, 2011, US-based poker pros were essentially left “homeless” after high stakes sites like Full Tilt Poker and PokerStars were forced to abruptly leave the US market.  Many of these pros had to relocate to other countries such as Canada, Mexico and a host of European nations that allow such activity.   There was even a company formed to help with the process of moving these individuals. 

Legalized online poker in New Jersey will allow for such players to return and potentially buy up or rent out real estate in two of the most attractive US cities, New York and Philadelphia.  New Jersey is already embracing the possible return of PokerStars.

While these pros won’t be able to play from the comfort of their luxury Manhattan or Philadelphia condos yet, it’s just a hop, skip and a jump by train to neighboring New Jersey where sites can be accessed from parks, bars or even industry-dedicated office spaces (something that could emerge as a result of legalization).  That’s because non-residents of the state will be able to play on licensed Internet poker sites provided access is within New Jersey’s borders.   Think poker by day and party by night.

Poker pros might even consider setting up residencies in the state of New Jersey itself.  Popular cosmopolitan centers with easy access to New York include Jersey City and Hoboken, both of which have their own excellent night life (albeit everything closes at 2 am compared to 4 am across the river). 

If you think a few poker pros buying up properties or leasing luxury condos won’t put a dent in the local economy, think again.

This past summer, Antonio Esfandiari won a record $18 million at the first ever World Series of Poker $1 million buy-in Big One For One Drop.  High stakes players on sites such as Full Tilt Poker and PokerStars are known to win a cool million in one week’s time.  Get a few dozen of these players moving to the New Jersey/New York metro area and the economic benefits should be immediately realized. 

But there are also countless numbers of pros who aren't necessarily raking in millions who wouldn’t mind renting out a home or condo in any number of New Jersey towns as they consider playing poker a “full time job”.  The only difference is they wouldn’t have to spend two hours in traffic every day commuting to Manhattan. 

New Jersey is also among the most "family-friendly" states in the US with excellent school systems depending on the town.  Following the events of 2011, many poker players were reluctant to pick up and move outside the US with their families to "foreign" lands. 

And then there are the sports bettors.  New Jersey plans on offering all forms of Web gambling and will already begin licensing land-based sports betting firms as early as February.  Until recently, professional sports gamblers had to go to Vegas to place “legal” wagers on sporting events or bet online with companies based offshore.  Over the past two years it has become increasingly more difficult to receive large payouts from offshore bookmakers (hence the explosive growth of so-called “call centers” in places like Costa Rica and Panama, which cater heavily to local neighborhood bookies). 

The only question that remains now:  Will Governor Chris Christie sign the bill into law or veto it?

"We're happy that the casinos will have internet gaming available to them and we hope that Governor Christie will sign it,” said Interactive Media Entertainment and Gaming Association (iMEGA) Chairman Joe Brennan in an interview with PocketFives.com.  “He has been publicly supportive of New Jersey becoming, as he calls it, the 'epicenter' of internet gambling in the U.S. It's our expectation that he'll sign it."

- Chris Costigan, Gambling911.com Publisher