A new bill in New Jersey could see big changes for online casinos in the American state. If passed, it will bring stability to the gambling industry for at least the next decade.
The bill (known as S-3075) has already passed through the Senate Budget and Appropriations Committee. It’s sponsored by Senator Vince Polstina (Republican) and he is a big supporter of the changes that have taken place in the state’s gambling industry in recent years.
The new bill would extend the authorization of online casinos in New Jersey until the year 2033. Not only will this create stability (which is always desired in any industry) but hopefully continued growth.
It was five years ago that a landmark US Supreme Court judge ruling was made. It changed the previous situation where it was the US Federal Government that had the final say on whether gambling laws changed. The ruling changed all that and it is now the individual US states that can make the final decision.
The state of New Jersey had long been campaigning for such a change. It wasn’t long before they passed new gambling laws in the state and over 30 other US states have followed suit.
One of the key reasons behind the desire to pass new gambling laws has been a financial one. States such as New Jersey had been unhappy at the fact many residents were gambling at offshore or illegal online casinos.
They couldn’t receive any revenue from all this gambling that was going on. With the new laws in place, that was no longer the case. Millions of dollars in gambling tax revenue is now received every month from wagers on sport and online casino games. It is therefore important that this continues in the future.
Being able to legally gamble on sport was the key change in 2018. However, it had been legal to play at online casinos in New Jersey since 2013. The legislation that was passed had an authorization period of ten years. That’s now due to expire so a new one is needed.
Senator Polistina has made it clear that the changes in the laws regarding online casinos have been very positive. The recessions of the past had caused serious financial problems for New Jersey land-based casinos. The introduction of online casinos has changed this.
Online casinos have created more jobs and of course all that gambling tax revenue. Extending the authorization of the gambling industry will enable the state to build on the successes seen in recent years.
There seems little chance that an extension won’t be approved by the state. New Jersey is one of the leading states in the US when it comes to the gambling industry. It is generally recognized that the online casino industry plays an important role so an extension looks inevitable.
This year has been a highly successful one for online gambling in New Jersey. April 2023 saw revenue of $159 million achieved. That figure is over 16% higher than in the same period last year. That’s compared to not so impressive results for the land-based casinos in Atlantic City.
There is also another bill that has been referred to the Assembly Appropriations Committee. It’s co-sponsored by Claire Swift and Don Guardian (both Republicans) who are both members of the Assembly. Their bill also has the aim of extending online gambling in the state of New Jersey.
It’s a busy time for gambling related legislation in the state of New Jersey. There are concerns over rising levels of college students becoming addicted to gambling. A new bill will see schools being required to display a gambling addiction hotline number, provide support and raise awareness of the problem.
Regulation of online casinos does prohibit companies from aiming their products towards those who are not old enough to gamble legally. If found to be doing so, those holding licenses can be fined or even lose the ability to operate in the state. There are still many unlicensed online casinos that escape such regulation.
Another bill looks at the problem of underage gambling. It aims to take a slightly different approach to the problem. Rather than going down the punishment route, it looks to give support and help to underage gamblers who are struggling with their betting. Judges would be asked to consider the gambler being given treatment for their problem rather than just issuing them with a fine.
It’s going to be an important time for the online casino industry in New Jersey. Ensuring the success of online casinos continues and protecting those who use them are key targets that must be achieved.