Initially the bill was vetoed by the Governor because 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.
Casinos situated in Atlantic City will be able to apply for a license to provide online gambling. Only the twelve official Atlantic City casinos is likely to be eligible for the license. No other organizations could offer internet gambling, and face stiff fines should they do. All facilities useful for the operation of internet gambling must be located within city limits; only bets which are received by way of a server in Atlantic City is likely 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 could be played online. (For comparison, Nevada only allows poker.) As of this moment, sports betting won’t 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 all sorts of provisions to help keep gambling addiction at bay, such as for example requiring the prominent display of the 1-800-GAMBLER hotline number, ways to set maximum bets and losses over a certain period of time, 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 their state is likely to be generated from this tax, however, many analysts think this number is seriously overestimated.
The state regulations, which the bill required the Division of Gaming Enforcement to produce, 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 example what sort of casino acquires the correct 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 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 might 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 prospect of online gambling to be a considerably valuable source 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 convenience of gambling online allows players to play more with less travel.
Among the goals of the bill is supposedly to attract more folks to visit the brick-and-mortar casinos, but it’s hard to say if online gambling will in truth lead to the outcome. เว็บหวย You could speculate it might 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 shows that, at least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino is likely to be allowed on the internet gambling sites, which might encourage people to visit the casino but is also annoying for players.
Online gambling could possibly be seriously devastating for those who have gambling addictions, as well as cause people to produce them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will certainly be much harder to stop compulsive gamblers if they can place bets anywhere with a web connection.
Regardless, it will probably be considered a while before the casinos can actually start their online gambling offerings. The regulations must be finalized and casinos need to apply for licensure and develop their gambling websites. This means the casinos won’t be enjoying this new source of revenue through the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.