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 as a result 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 basics of the bill:

– Casinos positioned in Atlantic City will have the ability to apply for a license to supply online gambling. Only the twelve official Atlantic City casinos is going to be eligible for the license. No other organizations could offer internet gambling, and face stiff fines should they do. All facilities used for the operation of internet gambling should be located within city limits; only bets that are received by way of a server in Atlantic City is going to be legal.

– Players should be “physically present” in New Jersey to place wagers. In the foreseeable 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 can be played online. (For comparison, Nevada only allows poker.) As of now, 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 a myriad of provisions to help keep gambling addiction away, such as for instance requiring the prominent display of the 1-800-GAMBLER hotline number, a way to set maximum bets and losses over a certain time period, and tracking player losses to identify 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 going to be generated out of this tax, however, many analysts think this number is seriously overestimated.

The state 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 instance what sort of casino acquires the right licenses and procedures for maintaining network security on gambling sites.

So, will online gambling actually benefit their state?

The Good

Revenues from Atlantic City casinos have 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 could be 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 all over the map, there’s potential for 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 คาสิโนออนไลน์ them but give players more opportunities to play and win. The convenience of gambling online allows players to play more with less travel.

BAD:

One of many goals of the bill is supposedly to attract more people to visit the brick-and-mortar casinos, but it is hard to say if online gambling will in actuality lead to the outcome. One 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 very least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino is going to be allowed on the online gambling sites, which could possibly encourage people to visit the casino but is also annoying for players.

Online gambling might be seriously devastating for folks who have gambling addictions, or even cause people to develop them, raising financial and moral concerns. Even with the preventative steps the bill requires, it will certainly be much harder to cut off compulsive gamblers if they could place bets anywhere with a net connection.

Regardless, it is going to be described as a while before the casinos can kick off their online gambling offerings. The regulations must be finalized and casinos need to apply for licensure and develop their gambling websites. What this means is the casinos won’t be enjoying this new source of revenue during the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.