Casinos located in Atlantic City will be able to apply for a license to supply online gambling. Only the twelve official Atlantic City casinos will soon be qualified to receive the license. No other organizations can provide internet gambling, and face stiff fines if they do. All facilities employed for the operation of internet gambling should be located within city limits; only bets which can be received with a server in Atlantic City will soon be legal.
– Players should be “physically present” in New Jersey to position wagers. Later on, New Jersey may develop agreements with other states where sbobet 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 can be played online. (For comparison, Nevada only allows poker.) Currently, sports betting will not be protected by this bill, although their 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 instance requiring the prominent display of the 1-800-GAMBLER hotline number, ways to set maximum bets and losses over a certain period of time, 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 their state will soon be generated out of this tax, but some analysts think this number is seriously overestimated.
The official regulations, that the 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 instance what sort of casino acquires the correct licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit their state?
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 might 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 throughout the map, there’s prospect of online gambling to be 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 will provide further assistance to 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” that 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 the goals of the bill is supposedly to attract more folks to go to the brick-and-mortar casinos, but it’s 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 very least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino will soon be allowed on the web gambling sites, which could possibly encourage people to go to the casino but may 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 preventative steps the bill requires, it will surely be much harder to cut off compulsive gamblers if they can place bets anywhere with an internet connection.
Regardless, it will be considered a while ahead of the casinos can start up their online gambling offerings. The regulations have to be finalized and casinos need to apply for licensure and develop their gambling websites. What this means is the casinos will not 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.