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 text and the amended bill passed by an overwhelming majority in the legislature and earned Christie’s seal of approval.
Here are the fundamentals of the bill:
– Casinos located in Atlantic City will be able to utilize 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 offer internet gambling, and face stiff fines if they do. All facilities useful 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 will undoubtedly be legal.
– Players must certanly be “physically present” in New Jersey to put wagers. As time goes by, 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 this moment, sports betting won’t be protected by this bill, although the state of New Jersey is wanting to fight the federal statute barring the legalization of sports betting.
– The bill has a myriad of provisions to help keep gambling addiction from increasing, 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 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 from this tax, but some analysts think this number is seriously overestimated.
The official regulations, that the bill required the Division of Gaming Enforcement to make, 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 correct licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit the state?
Revenues from Atlantic City casinos have already been on the decline for yesteryear 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 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 possibility of online gambling to be a considerably valuable supply of money for the state. The casinos will also need to pay a tax to the Casino Reinvestment Development Authority, that’ll provide further assist with 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 คาสิโนออนไลน์ 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 go to the brick-and-mortar casinos, but it’s hard to express if online gambling will actually lead to the outcome. One could speculate it may even cause people to attend 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 people who have gambling addictions, as well as cause people to produce them, raising financial and moral concerns. Even with all the current preventative steps the bill requires, it will definitely be much harder to cut off compulsive gamblers if they are able to place bets anywhere with an internet connection.
Regardless, it will probably be a while prior to the casinos can actually start up their online gambling offerings. The regulations must be finalized and casinos need to utilize for licensure and develop their gambling websites. This means the casinos won’t be enjoying this new supply of revenue through the 2013 summer season, that could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.