For better and for worse, online gambling is visiting 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 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.

Here are the fundamentals of the bill:

– Casinos located in Atlantic City will have the ability to apply for a license to offer online gambling. Only the twelve official Atlantic City casinos will 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 with a server in Atlantic City will be legal.

– Players should be “physically present” in New Jersey to put wagers. As time goes by, 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 could be played online. (For comparison, Nevada only allows poker.) As of now, 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 kinds of provisions to keep gambling addiction from increasing, such as for example requiring the prominent display of the 1-800-GAMBLER hotline number, a way to set maximum bets and losses over a certain time frame, and tracking player losses to spot and limit users who may demonstrate addictive gambling behavior.

– Revenue from online gambling will carry a 15% tax.  คาสิโนออนไลน์ The Christie administration states that about $180 million in revenue for the state will be generated from this tax, but some analysts think this number is seriously overestimated.

The official regulations, which the bill required the Division of Gaming Enforcement to produce, 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.

So, will online gambling actually benefit the state?

The Good

Revenues from Atlantic City casinos have already been on the decline for days gone by 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 can be enough to keep struggling casinos afloat and save jobs in Atlantic City. Further, although estimates of tax revenue are throughout the map, there is possibility of online gambling to be always a considerably valuable supply of money for the state. The casinos will also need to pay a tax to the Casino Reinvestment Development Authority, that 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.

BAD:

One of many goals of the bill is supposedly to attract more folks to visit the brick-and-mortar casinos, but it is hard to express if online gambling will in truth lead to this outcome. One could speculate it could even cause people to go to the casinos less (However, this seems unlikely; the social element and the free drinks are lost in online gambling. Also, research suggests that, at least with poker, internet gaming doesn’t reduce casino gaming.) Advertising for the host casino will be allowed on the online gambling sites, which could possibly encourage people to visit the casino but may be annoying for players.

Online gambling could be seriously devastating for folks who have gambling addictions, as well as cause people to produce them, raising financial and moral concerns. Even with all the current preventative steps the bill requires, it will certainly be much harder to stop compulsive gamblers if they are able to place bets anywhere with a web connection.

Regardless, it will probably be a while before the casinos can start their online gambling offerings. The regulations have to be finalized and casinos need to apply for licensure and develop their gambling websites. This implies the casinos will not be enjoying this new supply of revenue during the 2013 summer season, that could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.