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 because 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 basics of the bill:- 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 be eligible for the license. No other organizations can offer internet gambling, and face stiff fines if they do. All facilities used for the operation of internet gambling must be located within city limits; only bets that are received by a server in Atlantic City will be legal.- Players must be “physically present” in New Jersey to place wagers. In the 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 can 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 trying to fight the federal statute barring the legalization of sports betting.- The bill has all kinds of provisions to 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 certain period of time, 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 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 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 GoodRevenues from Atlantic City casinos have 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 may be enough to keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are all over the map, there is potential for online gambling to be 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” that 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 the goals of the bill is supposedly to attract more people to visit the brick-and-mortar casinos, but it is hard to say if online gambling will actually 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 indicates that, at least with poker, internet gaming does not 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 could also be annoying for players.Online gambling could be seriously devastating for people who have gambling addictions, or even cause people to develop them, raising financial and moral concerns. Even with all the preventative steps the bill requires, it will definitely be much harder to cut off compulsive gamblers if they can place bets anywhere with an internet connection.Regardless, it is going to be a while before the casinos can actually kick off their online gambling offerings. The regulations need to be finalized and casinos need to apply for licensure and develop their gambling websites. This means the casinos will not be enjoying this new source of revenue during the 2013 summer season, which could be Atlantic City’s toughest season ever following recovery from Hurricane Sandy.New Jersey has placed its bets, but only time will tell if online gambling will be a jackpot or a bust.
Why is online gambling the latest craze to hit the Internet? Let’s face it the casino business is big bucks. Games played for money have found their way into any permitting city across the world. The epicenter has always tended to be Vegas but now a new variety is on the increase and it is called online gambling. So why will online gambling eventually overtake the glitzy world of concrete Vegas?Gamble… When and where?The beauty of online gambling is accessibility. You can gamble wherever you can get the Internet. With the future advent of wireless technology through cell phones, PDA’s and wireless Internet the future is near boundless for gambling. No longer do you have to walk, catch a train, valet park, take a taxi, or fly to a casino to gamble. You can also use different instant payment options which make it that much easier. Time is not an issue when you’re gambling online, and you don’t have to be home at 2am to see the spouse. You should set limits, but you can set them, not others… if you’re lucky. But how secure are you gambling online, is it safe?Fort Knox?Have you ever seen Ocean’s Eleven with Brad Pitt? If you have, you’ll know all about the security features of modern casinos. If you’re gambling online, how safe is it for you? First off, if you make a purchase with your credit card, your 0% liable with most credit cards for fraudulent charges. There are other online options like Neteller (a bank account deposit and withdrawal system), online checks, and wire transferring. Usually, when you go to an online casino, you are asked to download their software. This software is what makes the casino secure. When you connect through their software you are using SSL technology, which is what most Internet commerce sites like Amazon.com use. If you’re ever in a bind with not being credited with your money either depositing or withdrawing you can contact the casino, which usually have a customer service center. Do you have a powerful ally if you gamble online?It’s not revealed to most…Your online winning at a poker table, but you couldn’t at your buddies house… Why? Secret identity. Your fellow poker players online don’t know your history, and they don’t see you. You could be jumping up and down for minutes with a pocket pair of aces and they wouldn’t know it. This is one of the major benefits of being online, and it will take you some time to master. Remember people can use this against you. So be aware, and be on top of it, and get a head start first.Do you have what it takes?How experienced are you at Texas holdem? Blackjack? 7-card stud? Don’t have many friends that are good players? Do you want to improve your game? You can online. With tens of thousands online at one particular time, you can improve your game… quickly. You even have the option to gamble with play money until your ready to move on to the real thing. You may ask, that’s all great, but I still love just going to the casino and throwing down some bucks. Do you deserve something extra?Nobody gives it away for free, or do they?A brilliant marketing campaign has incentives, and online casinos attended marketing school. This marketing method actually helps you! Online casinos give away up to 100% matching deposit bonuses. For example if you deposit $25, you are credited with an extra $25 all on the casinos tab. Why is this great? You get free gambling money, and you can use leverage. Instead of betting $10, you can bet $20, and win $40! One online casino that I have frequented gave me a 200% bonus! This is the best way you’ll get ahead in the gambling world. Signup bonuses are exceptional, so quickly take advantage of them so you can get that easy money!