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 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 going to be eligible for 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 that are received with a server in Atlantic City is going to be legal.
Players must 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 available to play in the casinos can be played online. (For comparison, Nevada only allows poker.) Currently, sports betting will not be protected by this bill, although their state of New Jersey is trying to fight the federal statute barring the legalization of sports betting.
The bill has a myriad of provisions to help keep gambling addiction at bay, such as requiring the prominent display of the 1-800-GAMBLER hotline number, ways 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. เว็บหวย The Christie administration states that about $180 million in revenue for their state is going to be generated using this tax, however, many analysts think this number is seriously overestimated.
The official regulations, which 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 what sort of casino acquires the correct licenses and procedures for maintaining network security on gambling sites.
Revenues from Atlantic City casinos have already been on the decline for yesteryear 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 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 all around the map, there’s prospect 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, which will provide further help struggling casinos in Atlantic City.
For the 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 go to the brick-and-mortar casinos, but it is hard to express if online gambling will in actuality 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 indicates that, at the least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino is going to be allowed on the internet gambling sites, which might encourage people to go to the casino but could also be annoying for players.
Online gambling might be seriously devastating for people who have gambling addictions, or even cause people to develop them, raising financial and moral concerns. Even with all the preventative steps the bill requires, it will definitely be much harder to take off compulsive gamblers if they could place bets anywhere with an internet connection.
Regardless, it is going to be a while before the casinos can in fact 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 will not 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.