Online Casino Transfer: News - New Jersey Looks to Loopholes

07/16/2010		Online Casino Style: News New Jersey Looks to Loopholes
Home History Games News Dictionary		As if there weren’t enough online gambling issues originating from the state of New Jersey, one more has hit the internet casino forums this week, with the announcement that state legislators might be presented with an opportunity to consider a betting exchange model in the coming months. The application is being designed to specifically fall in line with prohibition loopholes, not only for state law, but also that would exist in the Unlawful Internet Gambling Enforcement Act, a combination that leaves very little room for launching internet gambling. But the popularity of internet gambling is growing at such a rate that its becoming increasingly difficult for lawmakers – not only in New Jersey – but all over the US to ignore. The latest endeavor is being modeled after a similar platform developed in the UK a few years ago, that is a peer-to-peer business model. According to a report by the Thoroughbred Times, a similar application is being considered in New Jersey, which would be geared to the horse racing industry. The proposal has already been approved by the New Jersey General Assembly, which unanimously approved the bill last week that would permit that particular kind of wagering. New Jersey is one of only a few states that has any sort of permission for sports betting and horse racing, as they were grandfathered to be exempt from both the WIRE act and the UIGEA for some bets. It’s a prime circumstance for the peer-to-peer system, which would be very advantageous for lawmaker’s need to raise new state funds. Should the bill pass, the New Jersey Racing Commission would be required to regulate the exchange betting, and at least to begin with, the operation of such an online gambling venture would be limited to just one provider. With the Assembly’s blessing, the bill will now head to the Senate’s Wagering, Tourism, and Historic Preservation Committee. It would also restrict participation to only New Jersey residents, keeping in line with intrastate betting requirements.

07/16/2010

Online Casino Style: News
New Jersey Looks to Loopholes

As if there weren’t enough online gambling issues originating from the state of New Jersey, one more has hit the internet casino forums this week, with the announcement that state legislators might be presented with an opportunity to consider a betting exchange model in the coming months. The application is being designed to specifically fall in line with prohibition loopholes, not only for state law, but also that would exist in the Unlawful Internet Gambling Enforcement Act, a combination that leaves very little room for launching internet gambling.

But the popularity of internet gambling is growing at such a rate that its becoming increasingly difficult for lawmakers – not only in New Jersey – but all over the US to ignore. The latest endeavor is being modeled after a similar platform developed in the UK a few years ago, that is a peer-to-peer business model. According to a report by the Thoroughbred Times, a similar application is being considered in New Jersey, which would be geared to the horse racing industry.

The proposal has already been approved by the New Jersey General Assembly, which unanimously approved the bill last week that would permit that particular kind of wagering. New Jersey is one of only a few states that has any sort of permission for sports betting and horse racing, as they were grandfathered to be exempt from both the WIRE act and the UIGEA for some bets. It’s a prime circumstance for the peer-to-peer system, which would be very advantageous for lawmaker’s need to raise new state funds.

Should the bill pass, the New Jersey Racing Commission would be required to regulate the exchange betting, and at least to begin with, the operation of such an online gambling venture would be limited to just one provider. With the Assembly’s blessing, the bill will now head to the Senate’s Wagering, Tourism, and Historic Preservation Committee. It would also restrict participation to only New Jersey residents, keeping in line with intrastate betting requirements.