For better or 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 due to 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 basics of the bill:
– Casinos located in Atlantic City will be able to apply for a license to offer online gambling. Only the twelve official Atlantic City casinos will be qualified to receive the license. No other organizations could offer internet gambling, and face stiff fines when they do. All facilities employed for the operation of internet gambling must be located within city limits; only bets that are received by way of a server in Atlantic City will be legal.
– Players must be “physically present” 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 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 the state of New Jersey is trying to fight the federal statute barring the legalization of sports betting.
– The bill has all sorts of provisions to help keep gambling addiction from increasing, such as for instance requiring the prominent display of the เว็บพนันออนไลน์1-800-GAMBLER hotline number, a method to set maximum bets and losses over a certain time period, 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 will 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 produce, 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 how a casino acquires the appropriate licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit the state?
Revenues from Atlantic City casinos have already been on the decline for the past seven years, and online gambling could possibly 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 help keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are throughout the map, there’s possibility of online gambling to be always a considerably valuable supply of money for the state. The casinos will also have to pay a tax to the Casino Reinvestment Development Authority, that’ll 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 capability of gambling online allows players to play more with less travel.
One of many goals of the bill is supposedly to attract more folks to see the brick-and-mortar casinos, but it is hard to state if online gambling will in actuality lead to this outcome. You can speculate it may 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 indicates 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 see the casino but may be annoying for players.
Online gambling could possibly 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 net connection.
Regardless, it is going to be a while before the casinos can in fact start up 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 through the 2013 summer season, which may be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.