Just for better or for worse, online gambling is coming to New Jersey.
In late February, Chris Christie officially signed into legal requirements a bill that legalized internet gambling in Atlantic City.
Initially the bill was vetoed by the Governor thanks to issues surrounding transparency and taxes. Lawmakers adjusted the text and the amended bill passed by an overwhelming majority on the legislature and earned Christie’s seal of approval.
Here are the basics with the bill:
– Casinos located in Atlantic City will be able to make an application for a license to offer online gambling. Only the twelve official Ocean City casinos will be eligible for the license. No other corporations can offer internet gambling, and face stiff fines if he or she do. All facilities used for the operation of internet gambling must be located within city limits; only bets that will be received by a server in Atlantic City will be legalised.
– Players must be “physically present” in New Jersey to get wagers. In the future, New Jersey may develop agreements with other state governments where internet gambling is legal to permit out-of-state betting. The casino’s equipment must verify players’ locations well before accepting wagers.
– Any games available to play in the tangkasnet dens can be played online. (For comparison, Nevada only allows for poker. ) As of now, sports betting will not be protected with this bill, although the state of New Jersey is trying to beat the federal statute barring the legalization of sporting betting.
– The bill has all kinds of provisions to keep wagering addiction at bay, such as requiring the prominent display of your 1-800-GAMBLER hotline number, a way to set maximum bets in addition to losses over a certain period of time, and tracking player lessening to identify and limit users who may demonstrate obsessive gambling behavior.
– Revenue from online gambling will keep a 15% tax. The Christie administration states the fact that about $180 million in revenue for the state might be generated from this tax, but some analysts think this phone number is seriously overestimated.
The official regulations, which the bill recommended the Division of Gaming Enforcement to produce, were released regarding June 3, and are subject to a “public comment period” until August 2 before being finalized. These procedures include details such as how a casino acquires the appropriate the necessary licenses and procedures for maintaining network security on playing sites.
So , will online gambling actually benefit the state?
Revenues from Atlantic City casinos have been on the turn down for the past seven years, and online gambling could be what conserves the failing casinos. Since 2006, casino revenue has got dropped from $5. 2 billion to around $3 billion dollars. Online gambling could be a $500 million to $1 billion industry on New Jersey, which may be enough to keep struggling casinos afloat plus save jobs in Atlantic City. Further, even though estimates for tax revenue are all over the map, there is potential for online gambling to be a considerably valuable source of money for the state. The very casinos will also have to pay a tax to the Casino Reinvestment Development Authority, which will provide further assistance to struggling gambling houses in Atlantic City.
For the player, low overhead costs really mean better prizes and more opportunities to play. Casinos can incent players with free “chips” that have minimal costs for the but give players more opportunities to play and triumph. The convenience of gambling online allows players to play a great deal more with less travel.
One of the goals of the payment 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 the outcome. One could speculate it could even cause people to surf to the casinos less (However, this seems unlikely; the community element and the free drinks are lost in gambling online. Also, research indicates that, at least with poker, online world gaming does not reduce casino gaming. ) Advertising for those host casino will be allowed on the online gambling sites, that can possibly encourage people to visit the casino but could also be infuriating for players.
Online gambling could be seriously devastating for people who own gambling addictions, or even cause people to develop them, parenting financial and moral concerns. Even with all the preventative tips the bill requires, it will definitely be much harder to cut out compulsive gamblers if they can place bets anywhere with a internet connection.