New Jersey Gambling License 2020
Gambling Consulting Expert provides practical and insightful consultancy, data, and market reports for the New Jersey gambling industry.
New Jersey iGaming License
New Jersey is a northeastern U.S. state with some 130 miles of Atlantic coast and is bounded by New York to the north and northeast, the Atlantic Ocean to the east and south, and Delaware and Pennsylvania to the west. New Jersey is called the Garden State because it became famous in the 18th century for the fertility of its land.
The state is known as the Crossroads of the East. Products from over 20,000 manufacturers can be delivered overnight to 100 million people. New Jersey is one of the foremost research centers in the world. Many large oil refineries are located in northern New Jersey. Other important manufactured items are pharmaceuticals, instruments, machinery, electrical goods, and apparel. Tourism is the second-largest industry in New Jersey.
Gambling has a long legacy in New Jersey, with the state historically being more permissive of gambling than most other states. Freehold Raceway is the oldest racetrack in the United States, with horse racing having taken place there informally since the 1830s. They were used to help pay for the military during the American Revolution, and help finance the construction of Rutgers University and Princeton University.
In 1977, New Jersey voters approved legislation allowing legalized casino gambling in Atlantic City. In 2011, New Jersey’s casinos employed approximately 33,000 employees, had 28.5 million visitors, made $3.3 billion in gaming revenue, and paid $278 million in taxes.
The government of New Jersey offers casino operators, software, and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto, and other gaming-related activities. New Jersey Gambling License is one of the most popular licenses for online casinos worldwide.
New Jersey’s gambling laws are some of the least restrictive gambling laws in the United States. In 1969, New Jersey approved and started its first state lottery in order to fund education within the state. There were quite a few schools that were built using these lottery funds. In 1976, New Jersey legalized gambling, becoming the second state to do so. Two years later, the first casino officially opened its doors in Atlantic City.
Resorts International Casino gets the props for being the first casino to establish itself in New Jersey, which is still open today and has its own online casino website. 16 new casinos opened their doors in The Garden State after that, most of which were rooted in Atlantic City. On February 26, 2013, Gov. Chris Christie signed Assembly Bill 2578, which legalized online gambling in the state. The first online casino websites that offer both poker and casino games went live.
In 2017, Chris Christie announced that Nevada, New Jersey, and Delaware will be sharing player pools for online poker games in an unprecedented move. A legal, regulated online casino or poker site in New Jersey can only be offered by land-based casinos in Atlantic City.
Each Atlantic City casino that participates is granted a license for 5 online casino sites that they may sublicense to another brand-holder. The wave of online casino sites in New Jersey is generating new revenue for casinos and new taxes for the state.
New Jersey’s infrastructure offers a wide array of services for online gaming operators and providers, such as high-capacity private racks, private cloud services, custom dedicated servers amidst other hosting options. New Jersey has long been recognized as one of the preferred locations for Online Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first-rate telecommunications facilities, and a well established financial services industry. A wide range of gambling sites operates out of New Jersey including sports betting, casino sites, poker, bingo, and more.
New Jersey Online Gambling Regulations
The Gambling industry in New Jersey is regulated by the New Jersey Division of Gaming Enforcement. New Jersey was the first US state to officially legalize and regulate online casino games, and the third state to allow online poker (Nevada and Delaware were the first). New Jersey, always ready to harness the latest trend, has successfully brought its strong gambling brands and history of rigorous regulation to the online gambling market.
National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all New Jersey Gambling Companies. As part of its duties, the New Jersey Division of Gaming Enforcement monitors gaming businesses and services to ensure that they operate according to the standards and regulations of the Government of New Jersey. Compliance audits are conducted on a regular basis to ensure that the terms of the license are met.
Licensees must maintain a complete audit trail for each player making a deposit with an operator, including financial transactions and individual bets. Gaming systems, including back-end software logs, must be made available to third-party auditors. Gaming rules, results of games, and pay-outs are to be made available to the New Jersey Division of Gaming Enforcement for five years. Only residents of New Jersey who are over 21 years of age are allowed to engage in online gaming. Wagers from non-residents of New Jersey or individuals younger than 21 years old must be refused by operators.
Let’s talk more about the benefits by understanding the reasons why obtaining a New Jersey igaming license may be ideal for you.
How to Start An Online Gambling Business in New Jersey
When starting a New Jersey Online Gambling Business, first of all, it’s important to think about one of the most essential procedures, that is company registration and acquisition of the license. New Jersey Gambling License gives many excellent opportunities to each licensee and makes their business profitable.
In addition, iGaming operators pay a tax rate of 15% of their gross gaming revenue, and 2.5% of Tax on Bets to the Casino Reinvestment Development Authority (CRDA). New Jersey has political stability, first-rate telecommunications facilities, and a well-established financial services industry.
In addition, it maintains an attractive environment for international online gaming companies. New Jersey Gambling License is recognized by many countries all over the world, so you will have a large potential customer base after getting it.
In order to obtain a New Jersey Gambling License, the decision to approve the application is at the discretion of the New Jersey Division of Gaming Enforcement, based on the documentation submitted by our experts. The New Jersey issues one Online Gambling license which covers all gaming operations, igaming service providers, network operators, affiliates, white-label operators, and igaming software suppliers.
With this New Jersey Gambling License, online gaming companies can operate legally. Each applicant undergoes a thorough assessment, ensuring that licenses are only awarded to those applicants who are able to demonstrate such a financial standing and integrity as to preserve the international reputation of New Jersey as an online gambling hub.
In case something does not correspond to requirements, the New Jersey Division of Gaming Enforcement will provide a checklist of necessary improvements. A New Jersey Gambling License covers all forms of online gambling including Casino, eSports, Poker, Sports Betting, Lotto, Bingo, Horseracing, Bitcoin Casino, Fantasy Sports, Games of Skill, and other gaming-related activities without being required to obtain one license for each individual product. New Jersey Gambling License enables companies to operate all over the world.
New Jersey Gambling Requirements
- Residence in New Jersey. Operators wishing to offer their services to New Jersey gamblers must be residents of New Jersey and they must obtain the relevant licenses and authorizations from the New Jersey Gaming Control Board. In case the company is a foreign entity, it must appoint a local director, whose domicile is in New Jersey, to deal with the competent authorities in the country and have the power to conclude contracts on its behalf
- Opening of a bank account with one of the banks in New Jersey where the operator would need to deposit the players’ money. Licensed remote gaming operators will only be allowed to make payments to players through the payment processors that have been approved by the New Jersey Gaming Control Board
- Requirements regarding the minimum share capital of the company depending on the type of game it offers
- A monthly declaration giving details regarding income from games of change as well as the fees due will have to be submitted to the New Jersey Gaming Control Board on a standard form
- Compliance with the principles regarding the protection of minors as well as with the content of the promotional material used and the locations where they can be displayed
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