New Jersey Legalizes Online Gambling 62
schwit1 writes "New Jersey Gov. Chris Christie signed a bill Tuesday legalizing Internet gambling. While the bill only allows Atlantic City casino companies to take online bets, the WSJ believes that those casinos will partner with overseas companies that provide services for online gambling, potentially opening up a bigger market. Furthermore, the bill (PDF) will allow bettors from other states to gamble online, so long as regulators determine that the activity isn't prohibited by any federal or state laws. They included setting a 10-year trial period for online betting, and raising the taxes on the Atlantic City casinos' online winnings from 10 to 15 percent. New Jersey became the third state in the nation to legalize gambling over the Internet. Nevada and Delaware have passed laws legalizing Internet betting, which also is going on offshore, untaxed and unregulated."
Re:All well and good, but... (Score:5, Insightful)
People keep saying this. If there was no legal uncertainty Wynn Corporation, MGM and all the other big gaming companies would have been doing it 10 year ago. Gaming over state lines was made illegal in the days of Al Capone. People keep arguing that those statues don't apply because it's the internet rather than telephones (which is frankly an asinine argument). Personally I think the fact that every major gaming house refuses to bet across state lines as better evidence of the reality.
Nevada legalized online gaming, but only in the state of Nevada (you have to be in the state of Nevada to place a wager online and they check it rigorously). I wouldn't be surprised if Jersey does the same thing because frankly they start taking bets online (across state lines) and they are going to have warrants issued in the states that don't allow it and I can guarantee that Utah will be one of them. Any corporation willing to game across state lines better be prepared to have their executives spend some time in jail.
I'm certain that the probability of legal online gambling in the US across state lines is zero. It's been illegal and will continue to be illegal because the states that don't allow gambling will always have the number of votes they need in congress to prevent it. I personally believe this is nothing more Cristie trying to save Atlantic City from collapse by trying to milk gaming addicts across state lines and he's going to fail when the feds come down and say you can't do it across state lines. And if he pushes it this will end any national political career chances. People in states with legal gaming have NO idea big of an issue this is in states that don't allow gaming.
Re:All well and good, but... (Score:5, Insightful)
However, it IS illegal for US banks to do business with online casinos under a law passed nearly ten years ago.
Ironic that the biggest gamblers are not allowed to do business with legalized gambling institutions.
Re:remember sim city? (Score:5, Insightful)
A zero-sum game is where each participant expects neither to win nor to lose in the long run
Umm, no.
Thats called a fair game. To qualify as a zero-sum game, the only requirement is that for every play of the game that the sum of all wins is the same as the sum of all losses.
All casino games are zero-sum, but none of them are fair games.
Re:All well and good, but... (Score:5, Insightful)
US banks don't gamble. When their trades pay off, they pay executives with the proceeds. When they don't, they get a government bailout. Gamble implies some possibility of a loss.