For better or for worse, online gambling is arriving at 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 fundamentals of the bill:

– Casinos situated in Atlantic City can 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 can offer internet gambling, and face stiff fines if they do. All facilities used for the operation of internet gambling should be located within city limits; only bets which are received by way of a server in Atlantic City will undoubtedly be legal.

– Players must be “physically present” in NJ to place wagers. In the foreseeable future, New Jersey may develop agreements with other states where internet gambling is legal allowing out-of-state gambling. The casino’s equipment must verify players’ locations before accepting wagers.

– Any games open 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, even though 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. 카지노사이트 The Christie administration states that about $180 million in revenue for the state will be generated out of 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 so 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 hawaii?

The Good

Revenues from Atlantic City casinos have already 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 help keep stuggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are over the map, there’s potential for online gambling to become a considerably valuable way to obtain 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.