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 be able to apply for a license to provide online gambling. Only the twelve official Atlantic City casinos is likely to be qualified to receive the license. No other organizations will offer internet gambling, and face stiff fines if they do. All facilities employed for the operation of internet gambling must certanly be located within city limits; only bets which can be received with a server in Atlantic City is likely to be legal.
Players must certanly be “physically present” in New Jersey to position wagers. In the foreseeable future, 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 can be played online. (For comparison, Nevada only allows poker.) As of now, sports betting will not 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 a myriad 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 certain time frame, and tracking player losses to identify and limit users who may demonstrate addictive gambling behavior.
Revenue from online gambling will carry a 15% tax. ไทเกอร์711 The Christie administration states that about $180 million in revenue for the state is likely to be generated using this tax, however, many analysts think this number is seriously overestimated.
The state regulations, which the bill required the Division of Gaming Enforcement to make, 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 example what sort of casino acquires the right 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 could 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 may be enough to help keep struggling casinos afloat and save jobs in Atlantic City. Further, although estimates of tax revenue are throughout the map, there is prospect 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 will provide further assistance to struggling casinos in Atlantic City.
For the gamer, 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’s hard to express if online gambling will in actuality lead to the outcome. You can speculate it might 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 does not reduce casino gaming.) Advertising for the host casino is likely to be allowed on the online gambling sites, which could possibly encourage people to go to the casino but is also annoying for players.
Online gambling could be seriously devastating for folks 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 stop compulsive gamblers if they could place bets anywhere with an internet connection.
Regardless, it is going to be a while before the casinos can in fact kick off 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 will not be enjoying this new supply of revenue during the 2013 summer season, which may be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.