For better or for worse, online gaming is coming to New Jersey.

In late February, Chris Christie formally signed into law a bill that legalized online gambling in Atlantic City.

Originally the bill has been vetoed by the Governor due to problems surrounding taxes and transparency. Lawmakers corrected the text along with the amended bill passed by an overwhelming majority in the legislature and got Christie's seal of acceptance.

Here are the Fundamentals of the invoice:

- Casinos situated in Atlantic City is going to have the ability to make an application for a permit to provide online gambling. Just the twelve authorized Atlantic City casinos will be qualified for the permit. No other associations can provide online gambling, and face stiff penalties if they perform. All facilities used for the performance of online gaming has to be found in city limits; just bets which are obtained by a host in Atlantic City is going to be lawful.

- Players should be"physically present" in New Jersey to place wagers. Later on, New Jersey will create agreements with other nations where online gambling is lawful to allow out-of-state gambling. The casino gear must confirm players' locations before accepting wagers.

- Any games available to play in the casinos can be played online. (For comparison, Nevada only allows poker.) As of now, sports betting will not be protected by this bill, although the state of New Jersey is trying to fight the federal statute barring the legalization of sports betting.

- The bill has all kinds of provisions to keep gambling addiction at bay, such as requiring the prominent display of the 1-800-GAMBLER hotline number, a way to set maximum bets and losses over a certain period of time, and tracking player losses to identify and limit users who may demonstrate addictive gambling behavior.

- Revenue from online gambling will carry a 15% tax. The Christie administration states that about $180 million in revenue for the state will be generated from this tax, but some analysts think this number is seriously overestimated.

The official regulations, which the bill required the Division of Gaming Enforcement to produce, were released on June 3, and are subject to a "public comment period" until August 2 before being finalized. These rules include details such as how a casino acquires the appropriate licenses and procedures for maintaining network security on gambling sites.

So, will online gambling actually benefit the state?

The Good

Revenues from Atlantic City casinos have been on the decline for the past seven years, and online gambling could be what saves the failing casinos. Since 2006, casino revenue has dropped from $5.2 billion to around $3 billion. Online gambling could be a $500 million to $1 billion industry in New Jersey, which may be enough to keep struggling casinos afloat and save jobs in Atlantic City. Further, even though estimates of tax revenue are all over the map, there is potential for online gambling to be a considerably valuable source of money for the state. The casinos will also have to pay a tax to the Casino Reinvestment Development Authority, which will provide further assistance to struggling casinos in Atlantic City.

For the player, low overhead costs mean better prizes and more opportunities to play. Casinos can incent players with free"chips" which have minimum prices for them but give players more chances to win and play. The ease of betting online enables players to play with less traveling.

BAD:

Among the aims of the bill is supposedly to draw more people to see the casinos, but it's tough to say if online gaming will really lead to the result. An individual could speculate it might cause people to visit the casinos significantly less (However, this seems improbable; the societal component and the free beverages are dropped in online gambling. Additionally, research suggests that, at least poker, online gaming doesn't decrease casino gambling.) Marketing for your host casino is going to be permitted online gaming websites, which may possibly encourage folks to see the casino but may also be bothersome for gamers.

Online gambling might be severely devastating for men and women who have gambling addictions, or perhaps cause individuals to grow them, increasing financial and ethical concerns. Despite the preventative measures the invoice demands, it will unquestionably be far more difficult to cut compulsive gamblers whenever they can put bets anywhere with an online connection.

Regardless, it's going to be some time before the casinos may actually kick their online gaming offerings. The regulations will need to be researched and casinos will need to submit an application for licensure and create their gaming sites. This usually means the casinos won't be enjoying this new source of earnings during the 2013 summer time, which may be Atlantic City's toughest season following recovery from Hurricane Sandy.