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The Almighty Buck The Internet United States Your Rights Online

New Jersey Legalizes Online Gambling 62

Posted by Soulskill
from the because-ruining-your-life-should-be-as-easy-as-clicking-a-button dept.
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."
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New Jersey Legalizes Online Gambling

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  • by jamesh (87723) on Wednesday February 27, 2013 @04:08AM (#43022347)

    It ain't gambling unless the odds of winning or losing and equal

    gambling, n - An activity characterised by a balance between winning and losing that is governed by a mixture of skill and chance.

    What imaginary dictionary have you been consulting? I checked a bunch and none said that the odds of winning and losing must be equal...

    I wish Australia would make online gambling legal, for foreigners only.

  • by SeaFox (739806) on Wednesday February 27, 2013 @05:03AM (#43022491)

    Online gambling (with maybe the exception of a couple of states) has never been illegal in the US. However, it IS illegal for US banks to do business with online casinos under a law passed nearly ten years ago. That's a federal law that hasn't been repealed, so how are people supposed to deposit money in accounts with these Jersey casinos?

    Easy. The banks do business with the actual Jersey brick and mortar casino, which then transfers the money to the online casino (taking their small cut along the way). That's the whole reason the Atlantic City casinos are partnering with the foreign online casinos to start with, instead of wanting to take advantage of the lockout on the foreign groups and having the entire U.S. online gambling market to divide up with the Nevada and Delaware operators.

  • by MrMickS (568778) on Wednesday February 27, 2013 @05:42AM (#43022589) Homepage Journal

    Balance is not the same as equal. There is balance across the different outcomes, however the chance of each outcome is not equal. The balance is provided by factoring in the odds offered for each outcome. A less likely outcome will offer better odds.

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