For better or for worse, online gambling is coming to 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 text and the amended bill passed by an overwhelming majority in the legislature and earned Christie’s seal of approval.
Listed here are the fundamentals of the bill:
– Casinos situated in Atlantic City will have a way to utilize for a license to offer online gambling. Only the twelve official Atlantic City casinos will undoubtedly be eligible for the license. No other organizations can provide internet gambling, and face stiff fines if they do. All facilities useful for the operation of internet gambling should be located within city limits; only bets which are received by a server in Atlantic City will undoubtedly be legal.
– Players should 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 open to play in the casinos could be played online. (For comparison, Nevada only allows poker.) Currently, sports betting won’t be protected by this bill, although the state of New Jersey is wanting to fight the federal statute barring the legalization of sports betting.
– The bill has all sorts of provisions to keep gambling addiction away, such as for instance requiring the prominent display of the 1-800-GAMBLER hotline number, a way to set maximum bets and losses over a particular time frame, and tracking player losses to recognize 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 from this tax, but some analysts think this number is seriously overestimated.
The state 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 instance what sort of casino acquires the right licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit the state?
Revenues from Atlantic City casinos have been on the decline for the past seven years, and online gambling might be what saves the failing casinos. เว็บพนันออนไลน์ 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 possibility of online gambling to be always a considerably valuable source of money for the state. The casinos will also have to pay a tax to the Casino Reinvestment Development Authority, that may provide further assist with struggling casinos in Atlantic City.
For the ball 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 the goals of the bill is supposedly to attract more people to visit the brick-and-mortar casinos, but it is hard to say if online gambling will actually lead to this outcome. You 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 suggests that, at the least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino will undoubtedly be allowed on the web gambling sites, which might encourage people to visit the casino but may be annoying for players.
Online gambling might be seriously devastating for folks who have gambling addictions, or even cause people to produce 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 can place bets anywhere with a web connection.
Regardless, it will be considered a while prior to the casinos can start their online gambling offerings. The regulations have to be finalized and casinos need to utilize for licensure and develop their gambling websites. What this means is the casinos won’t be enjoying this new source of revenue through the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.