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.
Casinos situated in Atlantic City will have a way to utilize for a license to provide online gambling. Only the twelve official Atlantic City casinos will soon be eligible for the license. No other organizations could possibly offer internet gambling, and face stiff fines when they do. All facilities useful 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 put wagers. As time goes by, 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 available to play in the casinos can 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 help keep gambling addiction away, such as for example requiring the prominent display of the 1-800-GAMBLER hotline number, a method to set maximum bets and losses over a particular 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 soon be generated from this tax, however, many analysts think this number is seriously overestimated.
The state regulations, that the bill required the Division of Gaming Enforcement to produce, were released on June 3, and are at the mercy of a “public comment period” เว็บคาสิโน until August 2 before being finalized. These rules include details such as for example what sort of casino acquires the correct licenses and procedures for maintaining network security on gambling sites.
Revenues from Atlantic City casinos have already been on the decline for the past seven years, and online gambling might 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 may be enough to help keep struggling casinos afloat and save jobs in Atlantic City. Further, although estimates of tax revenue are all around 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 assistance to 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” 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.
Among the goals of the bill is supposedly to attract more folks to go to the brick-and-mortar casinos, but it is hard to state if online gambling will in actuality lead to this outcome. One could speculate it could 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 indicates that, at the least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino will soon be allowed on the online gambling sites, which might encourage people to go to the casino but may be annoying for players.
Online gambling might be seriously devastating for those who have gambling addictions, as well as cause people to produce them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will surely be much harder to take off compulsive gamblers if they are able to place bets anywhere with a web connection.
Regardless, it will probably be considered a while before the casinos can kick off their online gambling offerings. The regulations need 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 supply of revenue during the 2013 summer season, that could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.