How NJ’s Changing the Rules of Online Gambling

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Nov. 26 (Bloomberg) -- Bloomberg’s Julie Hyman reports on the start of online gambling in New Jersey and the rules meant to safeguard gamblers and casinos. She speaks on Bloomberg Television’s “Bloomberg West.”

Basically, you log on to one of these websites, and most of the casinos have two websites under the umbrella.

One has a number of different games, the other has poker.

Most have different poker games catering to different customers, and in many cases partners have individual sites.

Caesar's might have a couple, and partners might have individual sites as well.

You log on.

You provide your social security number, so they can identify your identity, and verify you are of age, then you deposit money, and you get to it.

I tried it out.

You deposit the money, and your balance goes up or down depending on how you are doing.

You with it because he knows -- you would think the casinos would be against this, but they are for it?

They are the ones operating.

10 of the 12 casinos here are participating.

You have to have a bricks and mortar casino to get a gaming license.

I spoke to the president and chief operating officer at the board.

I, the highest grossing casino here in atlantic city, and he said there is some concern about cannibalization.

Online gaming opens new markets.

People that make the decision and commitment to get up, get in the car, and drive to atlantic city, that is one person with one set of motivations.

There are other people that have less time, less appetite for that long travel, and they have, you know, a desire to gam, -- game, so online gaming appeal to a different customer and the customers we have today.

There are white estimates as to the revenue -- wide estimates from $200 million to as much as $2 billion.

We have to wait to get an idea how big this could become.

Julie hyman, thank you.

This text has been automatically generated. It may not be 100% accurate.


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