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.
Casinos located in Atlantic City will have a way to utilize 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 can provide internet gambling, and face stiff fines when they do. All facilities useful for the operation of internet gambling must be located within city limits; only bets which can be received with a server in Atlantic City is likely to be legal.
Players must be “physically present” in New Jersey to position wagers. As time goes 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 open to play in the casinos may 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 attempting to fight the federal statute barring the legalization of sports betting.
The official 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 instance what sort of casino acquires the appropriate licenses and procedures for maintaining network security on gambling sites.
Revenues from Atlantic City casinos have now been on the decline for days gone by 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 might be enough to keep struggling casinos afloat and save jobs in Atlantic City. เว็บตรง Further, although estimates of tax revenue are all over the map, there’s possibility of online gambling to be a considerably valuable source of money for the state. The casinos will also need 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” which 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 the goals of the bill is supposedly to attract more folks to visit the brick-and-mortar casinos, but it is hard to state if online gambling will in truth lead to the outcome. One could speculate it could even cause people to go to the casinos less (However, this seems unlikely; the social element and the free drinks are lost in online gambling. Also, research shows that, at the very 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 visit 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 develop them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will certainly be much harder to take off compulsive gamblers if they can place bets anywhere with a web connection.
Regardless, it will probably be a while prior to the casinos can start their online gambling offerings. The regulations need to be finalized and casinos need to utilize for licensure and develop their gambling websites. This means the casinos won’t be enjoying this new source of revenue throughout the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.