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Wednesday Oct 05, 2022

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 text and the amended bill passed by an overwhelming majority in the legislature and earned Christie’s seal of approval.

Here are the basic principles of the bill:

– Casinos situated in Atlantic City will be able to apply for a license to provide online gambling. Only the twelve official Atlantic City casinos will undoubtedly be entitled to the license. No other organizations could offer internet gambling, and face stiff fines if they do. All facilities employed for the operation of internet gambling should be located within city limits; only bets which can be received by a server in Atlantic City will undoubtedly be legal.

– Players should be “physically present” in New Jersey to position wagers. As time goes 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 open 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 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 keep gambling addiction from increasing, such as requiring the prominent display of the 1-800-GAMBLER hotline number, https://13.215.6.226/ a way to set maximum bets and losses over a particular period of time, and tracking player losses to spot 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 the state will undoubtedly be generated from this tax, but some analysts think this number is seriously overestimated.

The official regulations, that the bill required the Division of Gaming Enforcement to create, were released on June 3, and are subject to a “public comment period” until August 2 before being finalized. These rules include details such as how a casino acquires the appropriate 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 yesteryear 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 might be a $500 million to $1 billion industry in New Jersey, which might be enough to keep struggling casinos afloat and save jobs in Atlantic City. Further, although estimates of tax revenue are all over the map, there is potential for online gambling to become a considerably valuable supply of money for the state. The casinos will also have to pay a tax to the Casino Reinvestment Development Authority, that may 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 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 individuals to see the brick-and-mortar casinos, but it is hard to express if online gambling will actually lead to this outcome. You can speculate it may 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 does not reduce casino gaming.) Advertising for the host casino will undoubtedly be allowed on the online gambling sites, which could possibly encourage people to see the casino but could also be annoying for players.

Online gambling could possibly be seriously devastating for folks who have gambling addictions, or even 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 are able to place bets anywhere with a net connection.

Regardless, it will be described as a while ahead of the casinos can start up their online gambling offerings. The regulations have to 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 supply of revenue through the 2013 summer season, which may be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.

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