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 have the ability to utilize for a license to provide online gambling. Only the twelve official Atlantic City casinos will soon be eligible for the license. No other organizations could possibly offer internet gambling, and face stiff fines should they do. All facilities employed for the operation of internet gambling should be located within city limits; only bets which can be received by way of a server in Atlantic City will soon be legal.
Players should be “physically present” in New Jersey to position wagers. Later 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 open 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 their state of New Jersey is trying to fight the federal statute barring the legalization of sports betting.
The state regulations, that the bill required the Division of Gaming Enforcement to create, 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 for example how a casino acquires the right 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 might be เว็บตรง 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, even though estimates of tax revenue are all around the map, there is possibility 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 assist with 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 ease 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’s hard to express 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 suggests that, at the least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino will soon 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 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 can place bets anywhere with a net connection.
Regardless, it will be considered a while ahead of the casinos can actually start up their online gambling offerings. The regulations have to be finalized and casinos need to utilize for licensure and develop their gambling websites. This implies the casinos won’t be enjoying this new source of revenue during the 2013 summer season, that could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.