Recently, the state of New Jersey approved a law to legalize Internet gambling. The law will allow online betting in any game currently offered by the Atlantic City casinos. New Jersey Gov. Chris Christie signed the bill, in February, after the legislature enacted the amendments that he had requested. The bill was sponsored by Sen. Raymond Lesniak.
More specifically, the law establishes a 10 year trial period for approved internet gambling sites. After the first ten years, the state will conduct a review. Additionally, Atlantic City casinos will be required to pay a 15 percent tax on any online winnings. This is an increase from the current 10 percent tax that the Atlantic City casinos are required to pay.
In all, the law will require gamblers to register online with a particular casino and then verify personal information such as age and identity. Games can be played for money or other rewards such as show tickets, meals, and hotel rooms. Individuals will be able to cash out online with a credit card or bank account. Online poker, in particular, is expected to be the most popular game.
One unique feature of the law is that it will allow out-of-state residents to participate in online betting in New Jersey casinos as well. Another state’s laws related to Internet gambling cannot be violated, however. Currently, individuals in other countries are allowed to gamble under the New Jersey state law as well. They are not allowed to gamble according to federal law, however.
The governor believes that the new legislation will help to revitalize the Atlantic City casinos and contribute to the economic development in New Jersey, which has experienced recent downturns. For example, the proposed budget estimates that the state’s casino revenue will increase to approximately $ 436 million next year after the law is implemented.
Currently, New Jersey is the third state in the country to legalize Internet gambling. Nevada and Delaware recently approved legislation to provide online betting as well. Those laws are also interstate. Many states have considered approving Internet gambling since the U.S. Department of Justice began to allow it in 2011. Many argue, however, that this trend will reinforce gambling addictions. For this reason, the New Jersey law provides an increase in funding for problem gambling.
The state Division of Gaming Enforcement, which regulates the gaming industry in New Jersey, has approved the final regulations and online betting is now live in New Jersey!