Initially the bill was vetoed by the Governor because 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.
Casinos located in Atlantic City will have the ability to apply for a license to offer online gambling. Only the twelve official Atlantic City casinos will be eligible for the license. No other organizations could possibly 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 that are received by a server in Atlantic City will be legal.
Players must be “physically present” in New Jersey to position wagers. As time goes 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 offered to play in the casinos could be played online. (For comparison, Nevada only allows poker.) As of now, sports betting won’t be protected by this bill, although their state of New Jersey is wanting 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 requiring the prominent display of the 1-800-GAMBLER hotline number, ways to set maximum bets and losses over a particular time period, 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 their state will be generated using this tax, however, many analysts think this number is seriously overestimated.
The official regulations, that the bill required the Division of Gaming Enforcement to make, were released on June 3, and are subject to a “public comment period” เว็บคาสิโน until August 2 before being finalized. These rules include details such as how a casino acquires the right licenses and procedures for maintaining network security on gambling sites.
Revenues from Atlantic City casinos have now been on the decline for days gone by seven years, and online gambling could be what saves the failing casinos. Since 2006, casino revenue has dropped from $5.2 billion to around $3 billion. Online gambling is actually 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, although estimates of tax revenue are throughout the map, there is potential for online gambling to be a considerably valuable supply of money for the state. The casinos will also need to pay a tax to the Casino Reinvestment Development Authority, which will 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 capability of gambling online allows players to play more with less travel.
One of the goals of the bill is supposedly to attract more folks to go to the brick-and-mortar casinos, but it is hard to express if online gambling will actually lead to this outcome. One could speculate it could even cause people to visit the casinos less (However, this seems unlikely; the social element and the free drinks are lost in online gambling. Also, research suggests that, at the least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino will be allowed on the internet gambling sites, which might encourage people to go to the casino but could also be annoying for players.
Online gambling could be seriously devastating for those who have gambling addictions, or even cause people to develop them, raising financial and moral concerns. Even with all the current preventative steps the bill requires, it will surely be much harder to take off compulsive gamblers if they can place bets anywhere with a net connection.
Regardless, it will probably be considered a while ahead of the casinos can start their online gambling offerings. The regulations must be finalized and casinos need to apply for licensure and develop their gambling websites. This implies the casinos won’t be enjoying this new supply of revenue during the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.