States Should Regulate Online Gambling, Claims Ron Paul [...]
New Jersey Presents One-Year Online Gaming Report
- January 7, 2015 By Oliver Young -
On Friday, the New Jersey Division of Gaming Enforcement (DGE) published a document with a one-year summary of the online gambling industry in the state. The paper gives interesting information and numbers as well as it provides a look to future goals.
Remote gambling in the state of New Jersey was officially legalised on 26th of February, 2013, and it formally went live on 25th of November the same year.
According to the document, four operators that hold internet gaming permits – Golden Nugget, Tropicana, Caesars and Borgata – were prepared from day one with sites up and running, whereas other operators underperformed. Ultimate Gaming found a partner in Trump Taj Mahal and then shut down in September. Betfair, on the other hand, replaced the closed Trump Plaza with the Golden Nugget and transferred its operations there. In late November new provider was added, Pala Interactive, and it decided to partner with Borgata.
The report states that on 30th of November, 2014, there were more than half a million online gambling accounts in New Jersey. This number may seem huge, but everyone expected to be even bigger.
Launching Online Gambling Sites More Difficult Than Expected
The one to publish and comment on the report was David Rebuck, the director of the DGE. In his statement he revealed that the people involved with the online gambling industry found out that it was more difficult than it was previously expected for remote gambling operators to launch online casinos in the regulated market.
He said that everyone believed that casino sites that were equipped with working software expected that working in the New Jersey gambling market would be as easy as flipping a switch. However, that was definitely not the case and the process took a lot more work.
Rebuck also wrote: “From a regulatory standpoint, our system is working. There have been no major infractions or meltdowns or any systematic regulatory failures that would make anyone doubt the integrity of operations” and pointed out that they have to keep up the good work and take on every new challenge.
New Credit Card Code Created for Online Gambling Transactions
The DGE announced that a new credit card code was created for online gambling transactions. According to the New Jersey Division of Gaming Enforcement, this new code will be of a great help to players who are currently having trouble with making deposits at online casinos and other remote gambling sites.
This code is expected to be open to customers by spring 2015 and it is one of the improvements that should solve many problems in the online gambling industry. The need of the code can be illustrated by revealing some shocking information that only 73% of Visa transactions and 44% of MasterCard transactions are approved for regulated remote gambling sites.
It is still unknown whether the new credit card code will be also used for transactions in regulated markets such as Nevada and Delaware. Furthermore, there is no information about the actual impact the code will have on the number of successful internet transactions.