Online Gambling on Ocean Place

Casinos situated in Atlantic City will have a way to utilize for a license to provide online gambling. Only the twelve official Atlantic City casinos is going to be eligible for the license. No other organizations will 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 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 available 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 all sorts of provisions to help keep gambling addiction away, such as requiring the prominent display of the 1-800-GAMBLER hotline number, a sbobet88 method to set maximum bets and losses over a specific 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 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 produce, 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 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 now been on the decline for days gone by 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 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 throughout the map, there is possibility of online gambling to be always 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 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” 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:

Among the 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 truth lead to the outcome. You could 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 indicates that, at the very least with poker, internet gaming does not reduce casino gaming.) Advertising for the host casino is going to be allowed on the web gambling sites, which could possibly encourage people to go to the casino but could also be annoying for players.

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

Regardless, it will probably be described as a while prior to the casinos can actually start up 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 source of revenue during the 2013 summer season, that could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.

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