Initially the bill was vetoed by the Governor because of 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 situated in Atlantic City will have the ability to use for a license to provide online gambling. Only the twelve official Atlantic City casinos will undoubtedly be qualified to receive the license. No other organizations could possibly offer 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 are received with a server in Atlantic City will undoubtedly be legal.
Players should be “physically present” in New Jersey to put wagers. In the 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 available to play in the casinos may be played online. (For comparison, Nevada only allows poker.) As of this moment, 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 kinds of provisions to keep gambling addiction away, such as for instance requiring the prominent display of the 1-800-GAMBLER hotline number, a way 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. The Christie administration states that about $180 million in revenue for the state will undoubtedly be generated out of this tax, however, many 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 subject to 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.
Revenues from Atlantic City casinos have now been on the decline for days gone by 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 is actually a $500 million to $1 billion industry in New Jersey, which can be enough to keep struggling casinos afloat and save jobs in Atlantic City. ไทเกอร์711 Further, although estimates of tax revenue are throughout the map, there is 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, which 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 ease of gambling online allows players to play more with less travel.
One of many goals of the bill is supposedly to attract more people to go to the brick-and-mortar casinos, but it is hard to express if online gambling will actually lead to the outcome. You could 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 suggests that, at the very least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino will undoubtedly 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 possibly 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 current preventative steps the bill requires, it will definitely be much harder to take off compulsive gamblers if they could place bets anywhere with a net connection.
Regardless, it will be described as a while before the casinos can actually kick off their online gambling offerings. The regulations have to be finalized and casinos need to use 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.