Safer Gambling for Residents
Laws should not only safeguard the citizens or the institutions involved but also ensure fair play in all situations. In the area of gambling, laws prohibiting online gambling are mostly enforced in a bid to protect the citizens and prevent gambling by minors and those prone to addiction.
In New Jersey, where online gambling is legal, the laws aim to ensure that casinos are held accountable and users can stake and claim rewards thanks to the security these laws bring.
The Garden State requires that all casino brands and facilities must hold a license from the DGE (New Jersey Director of Gaming Enforcement) before they can be considered as a legal operator. With this license in place, users are sure of protection by law if and when things go wrong with any betting company.
The situation is quite different from other US states like Utah where online gambling is illegal. Though the people of the state don’t place wagers online, anecdotal evidence has shown that plenty of residents rely on overseas betting companies to place their wagers which put them at huge risk since they are not protected by any law.
More Job Opportunities
With the pandemic gripping the nation, unemployment has become a bigger concern than ever before. Fortunately, legalizing and licensing online gambling companies could help reduce the unemployment rate by providing more jobs in many areas.
New Jersey was one of the worst-hit states according to the unemployment reports with unemployment rates reaching as high as 16.8%. While the national unemployment dropped by almost half, in New Jersey, the story is quite different with only a steady drop, indicating that many people are still out of work.
As the gambling sector grows, so does their need for a workforce which could see them employing hundreds, thus bringing the state’s climbing unemployment figures to a stop. With each passing month, the DGE looks to grant more licenses to interested online gambling brands and while they remain fairly slow, things are expected to pick up real soon.
A Rise in Tax Revenues
Though the exact revenue and profit figures of New Jersey\’s online gambling industry is shrouded in mystery, the official figures on wagers placed still sheds the light on how beneficial online gambling has been for the Garden State.
The figures are eye-watering with wagers amounting to about a billion for the year 2020. This comes as a surprise considering 2020 was a year where most people had the least chance to place wagers since most sports games were put on hold due to the coronavirus pandemic.
From these official figures, the state would definitely get its share in the form of taxes which is a big plus to its coffers.
If the state of New Jersey had banned online gambling, this revenue source would have been lost to overseas betting companies.
In summary, New Jersey definitely benefits from online gambling with an increase in employment, tax revenue, and safer gambling for residents who would otherwise turn to overseas betting companies if it had stayed illegal.