For better or for worse, online gambling is coming to 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 writing 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 positioned in Atlantic City will have a way to utilize for a license to offer online gambling. Only the twelve official Atlantic City casinos will undoubtedly be entitled to the license. No other organizations can offer internet gambling, and face stiff fines when they do. All facilities useful for the operation of internet gambling must be located within city limits; only bets which can be received with a server in Atlantic City will undoubtedly be legal.

– Players must 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 open to play in the casinos could be played online. (For comparison, Nevada only allows poker.) As of this moment, 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 at bay, such as requiring the prominent display of the 1-800-GAMBLER hotline number, a way to set maximum bets and losses over a particular 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 will undoubtedly be generated from this tax, however, many analysts think this number is seriously overestimated.

The state regulations, that your bill required the Division of Gaming Enforcement to make, were released on June 3, and are at the mercy of a เว็บพนันออนไลน์ “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 their state?

The Good

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 can be enough to help keep struggling casinos afloat and save jobs in Atlantic City. Further, although estimates of tax revenue are all around the map, there is potential for 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’ll provide further help struggling casinos in Atlantic City.

For the ball player, 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 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 people to go to 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 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 indicates 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 might encourage people to go to the casino but may be annoying for players.

Online gambling could be seriously devastating for those who have gambling addictions, as well as cause people to develop them, raising financial and moral concerns. Even with all the preventative steps the bill requires, it will surely be much harder to take off compulsive gamblers if they are able to place bets anywhere with an internet connection.

Regardless, it will be described as a while before the casinos can start their online gambling offerings. The regulations have to be finalized and casinos need to utilize for licensure and develop their gambling websites. What this means is the casinos won’t 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.