The casino scene in the Garden State is out of this world. Speaking infrastructures, modernization, services, accommodation, and operation, it is on a global standard. One key asset of that … Read More
The casino scene in the Garden State is out of this world. Speaking infrastructures, modernization, services, accommodation, and operation, it is on a global standard.
One key asset of that is the many laws protecting casino operators and customers financially, professionally, legally, and yes, physically.
Now, let’s get started, shall we?
New Jersey Casino Control Act
The act was established way back in 1977 and underwent several updates that ensures the protection and integrity of both casino operators and customers. The act shields the businesses and the consumers from the threat of criminal activities and organizations mainly predicated by illegal operations and financial evasions.
The DGE or the Division of Gaming Enforcement is tasked to overlook and assert this law through legal processes such as inspection, audit, investigation, assessment, and more. The DGE is working with the Regulatory Enforcement and Regulatory Prosecutions Bureaus in promoting and enforcing the Casino Control Act.
One important factor about this is casino accounting and internal controls. Most casinos are transparent when it comes to their profits and losses. However, that is not enough to make sure if an operator is functioning within or beyond the rules.
There are particular accounting procedures or let’s call them responsibilities involved parties have for other parties.
The UIGEA of 2006
The Unlawful Internet Gambling Enforcement Act of 2006 prohibits banks in the country from accommodating and processing financial transactions for unregulated online gambling operations.
With this act, all banks in the United States, without exemption are to not entertain, accept, and process any form of financial or accounting transactions for illegal online casinos or gambling activities.
This act is to protect online gambling patrons as well as to further promote responsible casino and gambling operations, not only in New Jersey, but throughout the entire country.
In a nutshell
There have already been several provisions under New Jersey gambling laws. For example, back in the early 1980s, the state passed a bill raining the casino gambling age requirement from 18 to 21.
For the most recent provisions, lawmakers and operators are concerned about the financial security of operators with the emergence of more and more illegal gambling activities, both online and offline.