Quote:
Originally Posted by PokerXanadu
I'm not sure why any player would be excited about this bill. The poker (and all other i-gambling) will be limited to only NJ residents. There are no accommodations for combined player pools.
The bill specifically states that a person applying to open an account must provide proof of residency in NJ. Licensees must also verify the location of every player as located in NJ at the time of every wager. Cashouts can only be sent to a NJ address, and the player must be verified as located in NJ at the time of cashout.
There is also very little in the bill in the way of consumer protections for players. Perhaps there will be more in the regulations developed after passage of the bill, but the law itself will have little. For instance, there is nothing at all about segregating or protecting player funds. There is nothing about an arbitration process for players to appeal account closures. There is nothing about protections from collusion.
The limited govt revenue (10% of gross site revenues) and the open market to all NJ casinos are pluses, that will likely result in enough competition to keep rake reasonable. But liquidity for i-poker will be limited, and unlike NV, without the opportunity for interstate or international player pools without passage of additional state legislation.
It's a step in the direction of licensed and regulated i-poker in the US, but still far from player-friendly i-poker.
Way to rain on our parade, Xanadu! Seriously though, I dont feel I have the power to influence this bill or the politics involved in time for this vote to see the necessary (or at least, desired) changes implemented before the bill passes. As a NJ resident, if I have to choose between this half-***ed bill passing or no bill passing, i'd have to support this bill, since at least this would lead to me being able to play again with the coming months. NJ has a healthy population and I think enough people with money that would be able to support a viable poker pool. Of course I would much rather they pool with other states, and I would expect punishments for colluders / cheaters, and I would want sites to have segregated and "Safe and Secure" funds, but if NJ can operate without other states so be it, and if we (the players) have to keep our eyes out for colluders /cheaters as we did in the past so be it, and if I have to keep the minimum in my account (like I did NOT do on FTP unfortunately) then so be it as well.
This bill is far less than perfect, but I can't honestly say it is unacceptable... with the possibility of it being legalized and so soon... how can I not be excited?