Online Gambling within Ocean Town

For better or for worse, online gambling is coming to 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 as a result 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.

Listed here are the basic principles of the bill:

– Casinos located in Atlantic City will have the ability to use for a license to offer online gambling. Only the twelve official Atlantic City casinos will undoubtedly be qualified to receive the license. No other organizations could offer internet gambling, and face stiff fines when they do. All facilities useful for the operation of internet gambling must certanly be located within city limits; only bets which are received by way of a server in Atlantic City will undoubtedly be legal.

– Players must certanly be “physically present” in New Jersey to put 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 may 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 attempting to fight the federal statute barring the legalization of sports betting.

– The bill has all kinds of provisions to help keep gambling addiction away, such as 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 recognize 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, but some 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 what sort of casino acquires the correct licenses and procedures for maintaining network security on gambling sites.

So, will online gambling actually benefit the state?

The Good

Revenues from Atlantic City casinos have 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. เว็บตรง Online gambling might be a $500 million to $1 billion industry in New Jersey, which can be enough to help keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are all around the map, there’s possibility of online gambling to become 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 help 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.

BAD:

Among the goals of the bill is supposedly to attract more individuals to visit the brick-and-mortar casinos, but it’s hard to state if online gambling will in truth lead to this 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 indicates that, at least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino will undoubtedly be allowed on the internet gambling sites, which might encourage people to visit the casino but could also be annoying for players.

Online gambling might be seriously devastating for those who have gambling addictions, or even cause people to produce them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will definitely be much harder to cut off compulsive gamblers if they can place bets anywhere with an internet connection.

Regardless, it is going to be described as a while before the casinos can in fact start their online gambling offerings. The regulations have to be finalized and casinos need to use for licensure and develop their gambling websites. What this means is the casinos won’t be enjoying this new supply of revenue throughout the 2013 summer season, that could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.

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