In late February, Chris Christie officially signed into law a bill that legalized internet gambling in Atlantic City.
Initially the bill was vetoed by the Governor as a result of issues surrounding transparency and taxes. Lawmakers adjusted the writing and the amended bill passed by an overwhelming majority in the legislature and earned Christie’s seal of approval.
Listed below are the basics of the bill:
– Casinos positioned in Atlantic City will be able to use for a license to offer online gambling. Only the twelve official Atlantic City casinos will undoubtedly be entitled to the license. No other organizations will offer internet gambling, and face stiff fines should they do. All facilities employed for the operation of internet gambling must be located within city limits; only bets which can be received by a server in Atlantic City will undoubtedly be legal.
– Players must be “physically present” in New Jersey to place wagers. In the foreseeable future, New Jersey may develop agreements with other states where internet gambling is legal to permit out-of-state gambling. The casino’s equipment must verify players’ locations before accepting wagers.
– Any games open to play in the casinos could be played online. (For comparison, Nevada only allows poker.) As of this moment, sports betting won’t be protected by this bill, although the state of New Jersey is trying to fight the federal statute barring the legalization of sports betting.
– The bill has all sorts of provisions to help keep gambling addiction from increasing, such as for example requiring the prominent display of the 1-800-GAMBLER hotline number, a method to set maximum bets and losses over a specific time frame, and tracking player losses to spot and limit users who may demonstrate addictive gambling behavior.
– Revenue from online gambling will carry a 15% tax. The Christie administration states that about $180 million in revenue for the state will undoubtedly be generated using this tax, however, many analysts think this number is seriously overestimated.
The official regulations, that your bill required the Division of Gaming Enforcement to create, were released on June 3, and are at the mercy of a “public comment period” until August 2 before being finalized. These rules include details such as for example how a casino acquires the appropriate licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit the state?
Revenues from Atlantic City casinos have already been on the decline for days gone by seven years, and online gambling could possibly be what saves the failing casinos. Since 2006, casino revenue has dropped from $5.2 billion to around $3 billion. เว็บพนันออนไลน์ Online gambling might be a $500 million to $1 billion industry in New Jersey, which might be enough to help keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are all around the map, there is prospect of online gambling to become a considerably valuable supply of money for the state. The casinos will also have to pay a tax to the Casino Reinvestment Development Authority, that may provide further help struggling casinos in Atlantic City.
For the gamer, low overhead costs mean better prizes and more opportunities to play. Casinos can incent players with free “chips” which have minimal costs for them but give players more opportunities to play and win. The convenience of gambling online allows players to play more with less travel.
One of many goals of the bill is supposedly to attract more people to visit the brick-and-mortar casinos, but it’s hard to state if online gambling will actually lead to the outcome. You could speculate it might even cause people to go to the casinos less (However, this seems unlikely; the social element and the free drinks are lost in online gambling. Also, research shows that, at the very least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino will undoubtedly be allowed on the internet gambling sites, which could possibly encourage people to visit the casino but is also annoying for players.
Online gambling could possibly be seriously devastating for those who have gambling addictions, or even cause people to produce them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will certainly be much harder to stop compulsive gamblers if they could place bets anywhere with a net connection.
Regardless, it will be described as a while before the casinos can kick off their online gambling offerings. The regulations need to be finalized and casinos need to use for licensure and develop their gambling websites. This implies the casinos won’t be enjoying this new supply of revenue through the 2013 summer season, which may be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.