Casinos located in Atlantic City will be able to apply for a license to offer online gambling. Only the twelve official Atlantic City casinos will undoubtedly be eligible for the license. No other organizations could possibly offer internet gambling, and face stiff fines should they do. All facilities employed for the operation of internet gambling must be located within city limits; only bets that are received with a server in Atlantic City will undoubtedly be legal.
– Players must be “physically present” in New Jersey to place wagers. Later 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.) As of this moment, sports betting will not be protected by this bill, although the state of New Jersey is attempting to fight the federal statute barring the legalization of sports betting.
– The bill has all kinds of provisions to keep gambling addiction away, such as for instance requiring the prominent display of the 1-800-GAMBLER agen sbobet hotline number, ways to set maximum bets and losses over a particular 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. The Christie administration states that about $180 million in revenue for the state will undoubtedly be generated out of this tax, however, many analysts think this number is seriously overestimated.
The official regulations, which the bill required the Division of Gaming Enforcement to make, 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 how a casino acquires the appropriate licenses and procedures for maintaining network security on gambling sites.
So, will online gambling actually benefit the state?
Revenues from Atlantic City casinos have now been on the decline for the past 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 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 prospect 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 may provide further assistance to 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” that have minimal costs for them but give players more opportunities to play and win. The capability of gambling online allows players to play more with less travel.
One of many goals of the bill is supposedly to attract more people to see the brick-and-mortar casinos, but it is hard to say if online gambling will in actuality lead to this outcome. You could speculate it may 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 web gambling sites, which might encourage people to see the casino but is also annoying for players.
Online gambling might be seriously devastating for those who have gambling addictions, as well as 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 are able to place bets anywhere with an internet connection.
Regardless, it is going to be considered a while prior to the casinos can actually kick off their online gambling offerings. The regulations must be finalized and casinos need to apply for licensure and develop their gambling websites. This implies the casinos will not be enjoying this new source of revenue during the 2013 summer season, which may be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.