Online poker, a $4.7 trillion industry that includes online casinos and a $1.2 trillion gaming industry, is set to become an integral part of New York State stock exchanges.
New York Attorney General Eric Schneiderman announced Monday that the New Jersey State Gaming Commission has finalized the terms of the $4,800 annual license fee for a state license to conduct online poker.
The fee, which was $400 per month, is one of the largest online gambling licenses in the country.
Online poker will become a separate entity within the New Stock Exchange, which will be based in Manhattan, which is a borough in Manhattan.
It is expected that the exchange will have one or more offices in New York City and in other states in the near future.
The commission, which includes the attorney general, will decide on the licensing agreement by June 30.
New Jersey Gov.
Chris Christie said in December that he would not be seeking another license.
Christie is also chairman of the board of directors for the New American Gaming Association, a group that represents online poker companies.
The association is a major player in the industry.
According to Schneiderman, New York’s online poker licenses will allow it to regulate the gaming industry as well as provide online poker operators with access to state funds.
The online poker industry is estimated to be worth $5.6 trillion, according to the latest estimates by the International Game Technology Association, an industry group.
Online gambling is a $2.6 billion industry, including poker and roulette, that allows users to bet on real-money sports.