For better and for worse, online gambling is arriving at New Jersey.
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 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.
Listed below are the basic principles of the bill:
– Casinos located in Atlantic City will have the ability to use for a license to supply online gambling. Only the twelve official Atlantic City casinos will soon be qualified to receive the license. UFABET168 No other organizations could possibly offer internet gambling, and face stiff fines should they do. All facilities useful for the operation of internet gambling should be located within city limits; only bets which are received with a server in Atlantic City will soon be legal.
– Players should be “physically present” in New Jersey to put 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 offered to play in the casinos can 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 attempting to fight the federal statute barring the legalization of sports betting.
– The bill has all sorts of provisions to keep gambling addiction from increasing, such as for instance 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 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 will soon be generated from this tax.
The official regulations, that your bill required the Division of Gaming Enforcement to create, 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 their state?
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 a $500 million to $1 billion industry in New Jersey, which may be enough to keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are all around the map, there is potential for online gambling to be a considerably valuable supply 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 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.