Initially the bill was vetoed by the Governor due to 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 positioned in Atlantic City will have the ability to use 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 will offer internet gambling, and face stiff fines should they do. All facilities used for the operation of internet gambling must certanly be located within city limits; only bets that are received by way of a server in Atlantic City will undoubtedly be legal.
Players must certanly be “physically present” in New Jersey to place wagers. In the future, 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 may be played online. (For comparison, Nevada only allows poker.) Currently, sports betting will not 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 all sorts of provisions to help keep gambling addiction away, such as for example requiring the prominent display of the 1-800-GAMBLER hotline number, a method to set maximum bets and losses over a particular 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. เว็บคาสิโน The Christie administration states that about $180 million in revenue for the state will undoubtedly be generated from this tax, however, many 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 susceptible 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 days gone by 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 can be enough to help keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are throughout 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, that’ll provide further help 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 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.
One of the goals of the bill is supposedly to attract more folks to see the brick-and-mortar casinos, but it is hard to state if online gambling will in actuality lead to the outcome. You could speculate it could 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 least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino will undoubtedly be allowed on the internet gambling sites, which could possibly encourage people to see 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 develop them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will surely be much harder to cut off compulsive gamblers if they are able to place bets anywhere with a net connection.
Regardless, it will probably be considered a while before the casinos can in fact kick off their online gambling offerings. The regulations have to be finalized and casinos need to use for licensure and develop their gambling websites. What this means is the casinos will not 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.