New Jersey and online gambling is an emerging topic and one that’s not the easiest to understand. After going through a lot of documents and articles I’m going to let you know everything you need to know about New Jersey and online gambling. In layman’s terms of course, I think people have a tendency to over complicate facts for no reason.
Can you Gamble Online in New Jersey?
The quick answer to this is YES! Yes you can.A few restrictions do apply:
- You must be 21 years old or over
- You must be based within New Jersey when you play from your computer and verified
- Online Casino games are allowed
- Online Sports betting is strictly prohibited
- Strict advertising restrictions apply to Online Casinos
- Online casino gambling is currently legal for a trial period of 10 years.
- 15% tax applies to online casino operators
Why is it ok to gamble online in New Jersey?
It’s ok to gamble online in New Jersey because in America states hold a lot of power over implementing their own laws. New Jersey has been famous for many years as being the only place on the East Coast you can gamble. Atlantic City attracts thousands of people every year and online gambling is a simple step for New Jersey since gambling is already legalised.Other states would have to go through the lengthy and uncertain process of having legislation passed legalising gambling. Then they would have to go through another process of legalising online gambling. Apparently this is starting to happen in other states such as Pennsylvania and Missouri.Another very appealing factor as to why gambling and online gambling is legal is New Jersey is tax. The tax revenue generated from gambling is huge. Currently land-based casinos like Bally’s Grand are taxed at 8%. Online casinos like Betfair and Golden Nugget are taxed at 15%.Macquarie Capital who is a respected investment bank, estimates that online gambling will provide Atlantic City’s casinos with an additional $250-$450 million in additional revenue per year.That means the state of New Jersey is set to make at least $37,500,000 – $50 million. That’s per year by the way and it is a colossal amount to make from taxes.
Overall New Jersey and Online Gambling
I will continue to keep you updated with the online gambling law from New Jersey. Ultimately, New Jersey is becoming more and more gambling and online gambling friendly. So we can only expect after this initial 10 year period trial New Jersey will be happy to join the likes of the UK in becoming a regulated market for gambling.