Initially the bill was vetoed by the Governor due to 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 located in Atlantic City will be able to use for a license to provide online gambling. Only the twelve official Atlantic City casinos will undoubtedly be eligible for the license. No other organizations can provide internet gambling, and face stiff fines if they do. All facilities employed for the operation of internet gambling must be located within city limits; only bets which are received with a server in Atlantic City will undoubtedly 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 available to play in the casinos could be played online. (For comparison, Nevada only allows poker.) As of this moment, sports betting won’t TIGER711 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 from increasing, such as requiring the prominent display of the 1-800-GAMBLER hotline number, a method to set maximum bets and losses over a particular period of time, 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 using this tax, however, many analysts think this number is seriously overestimated.
The state regulations, that your bill required the Division of Gaming Enforcement to produce, were released on June 3, and are at the mercy of a “public comment period” until August 2 before being finalized. These rules include details such as how a casino acquires the right licenses and procedures for maintaining network security on gambling sites.
Revenues from Atlantic City casinos have 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 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. Further, although 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 need to pay a tax to the Casino Reinvestment Development Authority, which will provide further assist with 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 many goals of the bill is supposedly to attract more people to visit the brick-and-mortar casinos, but it is hard to express if online gambling will in actuality lead to the outcome. You could speculate it could 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 will undoubtedly be allowed on the internet gambling sites, which could possibly encourage people to visit the casino but could also be annoying for players.
Online gambling might be seriously devastating for folks 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 can place bets anywhere with an internet connection.
Regardless, it will be a while ahead of the casinos can actually kick off their online gambling offerings. The regulations must be finalized and casinos need to use for licensure and develop their gambling websites. This means the casinos won’t be enjoying this new supply of revenue throughout the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.