Saturday May 18,2013 : NEW JERSEY ONLINE GAMBLING DRAFT REGULATIONS READY (Update)
 
Final version due for publication on June 3rd.
 
The regulators at New Jersey’s Division of Gaming Enforcement have made remarkable progress in drafting the state’s new online gambling regulations, circulating to a restricted list the almost final draft, which is due for publication June 3 for public comment, according to a Reuters report.
 
Predictably, the regulations cover a wide range of requirements, from establishing that internet punters are the right age and are within state borders to measures against problem gambling and 15 percent taxation arrangements. In addition, licensees will pay an initial Internet gaming permit fee of $400,000, and an annual fee of $250,000 for resources for problem gambling.
 
Although no implementation date has been set, experts are predicting that this should easily meet the end-2013 timeframe estimated earlier by the authorities.
 
"New Jersey has once again proven to be in the forefront of casino gaming with the development of Internet wagering regulations for all casino games," David Rebuck, the division’s director, said in a statement.
 
New Jersey licenses will be restricted to established Atlantic City operators, who must have a corporate and technical presence in the state. The regulations also make provision for compacts with other states where online gambling has been legalised, enabling the sharing of player pools for mutual benefit.
 
Director Rebuck said the state regulator studied gambling regulations in other jurisdictions that permit online wagering, namely Nevada; Alderney, part of the British Channel Islands; France; Spain; Italy; and Denmark – and adopted some of their best practices.
 
It also reviewed standards set by the U.S. Federal Reserve regarding network security and incorporated standards recommended by the National Council on Problem Gambling.
 
Players can set daily deposit limits for themselves, and when any player has reached a lifetime deposit total of $2,500, the system will not let him or her make any further bets until the player acknowledges having reached the $2,500 threshold, and acknowledges having the ability to either set daily limits or cancel the account should he or she choose to do so.
 
The rules will be published in the New Jersey Register on June 3, followed by a 60-day comment period, and will become effective once regulators can review and respond to the comments.
 
Rebuck says he will specify a date on which casinos can start taking Internet bets at least 45 days in advance.