| Posted by: Jetset at November 8, 2000, 5:08 am | | Topic: New Jersey looking good.... Forum: Winner Online |
New Jersey Bill Would Let Casinos Operate Online By Judy DeHaven, The Star-Ledger, Newark, N.J.
Knight Ridder/Tribune Business News
Nov. 7--If a New Jersey Assemblyman has his way, gamblers in this state soon will be able to wager from the comfort of their own homes rather than driving to Atlantic City to roll the dice and play the slots.
Assemblyman Anthony Impreveduto, D-Hudson, is drafting legislation that would allow licensed casino operators in Atlantic City to take their business to the Internet.
The companies would have to operate their e-casinos from the floors of their land-based casinos, and the state would get a cut of any revenue, although exactly how much still is being decided.
"This is a work in progress," Impreveduto said.
It is also a longshot. The legislation is likely to face stiff opposition from some lawmakers and gambling opponents, who fear that without proper safeguards, children will max out their parents' credit cards and compulsive gamblers will lose everything in just a few mouse clicks. It likely will require an amendment to the state constitution. And if it is ever legalized, there are questions over whether it can be regulated effectively.
"It may be an idea before its time," Impreveduto conceded. "But quite honestly, there has to be something in place."
Impreveduto's proposal also comes at a time when a bill to ban Internet gambling has stalled in Congress and while at least one city and two casino companies have been positioning themselves to cash in if Internet gambling is legalized.
Bear Stearns predicts the online gambling industry, which had annual revenues of $1.2 billion last year, will grow to a $3 billion industry by 2002 and $6 billion by 2003.
Most of the Internet gambling sites are run out of the Caribbean and are largely unregulated.
"We can't let the Wild Wild West take over," Impreveduto said. "What we need to do is regulate it."
In New Jersey, there is no state law that prohibits gamblers from placing wagers over the Web, but operating an Internet casino is illegal.
Federal law is murky. The U.S. Justice Department believes online gambling is illegal under the 1961 Wire Act. Legislation that would have closed loopholes in the law passed in the Senate, but a companion House bill fell short of the two-thirds majority it needed this summer to pass. Support for the prohibition continues to fizzle.
Until questions over the legality of Internet gambling remain, casino companies will stay away from taking cash wagers. But MGM Mirage and Harrah's Entertainment believe it soon may become a reality. They have partnerships with Web sites where patrons can play online games for merchandise and discounts -- just not for money.
Casino officials say it's a way of building customer loyalty. It's also a way of getting a leg up on competition in the event Internet gambling is ever legalized.
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