For better and for worse, online gambling is visiting New Jersey.
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 here are the basic principles of the bill:
– Casinos located in Atlantic City will have the ability to use for a license to offer online gambling. Only the twelve official Atlantic City casinos is likely to be eligible for the license. No other organizations could possibly offer internet gambling, and face stiff fines when they do. All facilities useful for the operation of internet gambling must be located within city limits; only bets which can be received by a server in Atlantic City is likely to be legal.
– Players must be “physically present” เว็บตรง in New Jersey to place wagers. Later on, 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 available 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 kinds of provisions to keep gambling addiction from increasing, such as for example requiring the prominent display of the 1-800-GAMBLER hotline number, a way to set maximum bets and losses over a specific time frame, and tracking player losses to identify 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 is likely to be generated from 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 susceptible to a “public comment period” until August 2 before being finalized. These rules include details such as for example what sort of casino acquires the correct licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit the state?
Revenues from Atlantic City casinos have now been on the decline for yesteryear seven years, and online gambling might be what saves the failing casinos. Since 2006, casino revenue has dropped from $5.2 billion to around $3 billion. Online gambling could be a $500 million to $1 billion industry in New Jersey, which might be enough to keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are all over the map, there’s prospect of online gambling to be always a considerably valuable source of money for the state. The casinos will also need to pay a tax to the Casino Reinvestment Development Authority, that may provide further assist with struggling casinos in Atlantic City.
For the player, 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 ease 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 say if online gambling will actually lead to the outcome. One could speculate it might even cause people to attend the casinos less (However, this seems unlikely; the social element and the free drinks are lost in online gambling. Also, research indicates that, at the least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino is likely to be allowed on the online gambling sites, which could possibly encourage people to visit the casino but is also annoying for players.
Online gambling might be seriously devastating for folks who have gambling addictions, as well as cause people to develop them, raising financial and moral concerns. Even with all the current preventative steps the bill requires, it will certainly be much harder to take off compulsive gamblers if they could place bets anywhere with a net connection.
Regardless, it will probably be considered a while before the casinos can start their online gambling offerings. The regulations have to be finalized and casinos need to use for licensure and develop their gambling websites. What this means is the casinos won’t be enjoying this new source of revenue during the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.