Online Gambling within Ocean Town
Initially the bill was vetoed by the Governor as a result 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 situated in Atlantic City will have the ability to apply for a license to supply online gambling. Only the twelve official Atlantic City casinos will undoubtedly be eligible for the license. No other organizations can 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 that are received by a server in Atlantic City will undoubtedly be legal.
Players should 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 could 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 wanting to fight the federal statute barring the legalization of sports betting.
The bill has a myriad of provisions to 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 time period, and tracking player losses to recognize and limit users who may demonstrate addictive gambling behavior.
Revenue from online gambling will carry a 15% tax. เว็บมวย The Christie administration states that about $180 million in revenue for their 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 produce, 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 appropriate licenses and procedures for maintaining network security on gambling sites.
Revenues from Atlantic City casinos have now been on the decline for the past seven years, and online gambling could 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 keep struggling casinos afloat and save jobs in Atlantic City. Further, although estimates of tax revenue are all around the map, there’s possibility of online gambling to be a considerably valuable source of money for the state. The casinos will also need to pay a tax to the Casino Reinvestment Development Authority, that’ll 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 convenience of gambling online allows players to play more with less travel.
One of the goals of the bill is supposedly to attract more people to go to the brick-and-mortar casinos, but it is hard to state if online gambling will in truth lead to the outcome. One could speculate it might 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 doesn’t reduce casino gaming.) Advertising for the host casino will undoubtedly be allowed on the online gambling sites, which could possibly encourage people to go to the casino but may be annoying for players.
Online gambling could be seriously devastating for people who have gambling addictions, as well as cause people to develop them, raising financial and moral concerns. Even with all the current preventative steps the bill requires, it will surely be much harder to stop compulsive gamblers if they can place bets anywhere with an internet connection.
Regardless, it will be considered a while prior to the casinos can actually kick off their online gambling offerings. The regulations need to be finalized and casinos need to apply for licensure and develop their gambling websites. This implies the casinos won’t be enjoying this new source of revenue throughout the 2013 summer season, which may be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.