Are Blackjack Odds Better At Atlantic City Casinos Than New Jersey Lottery?
There have been numerous scholarly studies that explain how the odds for lotteries are worse than casinos. The New Jersey Lottery, for example, pays out about 60% of the funds it takes in; while experts say this is substantially worse than playing the slots or other games of chance at Atlantic City casinos. Thus, it is for good reason that gaming has now evolved in New Jersey with the state now matching Nevada and Delaware as the only states nationwide to allow Internet gambling.
Another aspect of online gambling – that went into effect at the end of November – is linked to the growing popularity of online games of chance. For instance, the emergence of online slots has become a major business with millions of people worldwide playing these games and winning lots of money.
New Jersey takes a cut of the action
According to the New Jersey state Sen. Raymond Lesniak – who backed the new online game law that New Jersey Gov. Christ Christie signed into law back in the spring – the focus is for the state to start earning some of the huge profits online gambling with various taxes that the state will charge to regulate it. In turn, the New Jersey citizenry have backed the law because Governor Christie said it would help pay for school and road improvements.
For instance, Senator Lesniak said in a TV interview that New Jersey approving online gambling will create nearly $200 million in new revenue, while also stating that it also gives “a giant boost to our casino industry.” In turn, the American Gaming Association trade group stated on its website that it is far better to make Internet gambling legal than to allow offshore websites to earn more than $7 billion a year with thousands of gaming websites.
Understanding the odds when gambling
While famed Las Vegas casino billionaire Steve Wynn once told “60 Minutes” that the odds always favor the house, Wynn did concede that the odds become clearer when playing online casino games because such gaming offers better odds. In fact, there is a view that someone is seven times more likely to die from a lighting strike than to win a jackpot in either a New Jersey lottery or at Atlantic City casinos.
Thus, the state of New Jersey hopes that better odds will win back gamblers in the state who may have gone cold on bettering in Atlantic City.
For example, the American Gaming Association states that New Jersey casinos have lost more than 50 percent of its revenue due to the recent recession and the uncertain economy in New Jersey and nationwide. The pitch for more people to gamble online is aimed at any registered player who is 21 or older, and is playing online games with the boarders of New Jersey. The response from young people in the state thus far has been very positive with many young people commenting online about wanting to get into online gaming because they do not have time to gamble down in Atlantic City.
New Jersey citizens have mixed views
While the majority of New Jersey taxpayers have expressed positive views about the state backing Internet gambling, there are those citizens who have expressed concerns in recent surveys about the venture. Still, the majority of the citizenry concede that it is far better for the online gaming revenues to fill state budget coffers than to go to illegal websites that operate successfully outside US boundaries. In addition, there is a view from many people who work in the state’s casino industry that something is needed now to boost the industry at a time when many regular gamblers have cooled it a bit due to the uncertain economy.
Moreover, the state’s move toward online gambling as a legitimate business is linked to the use of smartphones and other high-tech gadgets for playing online slots and other games of chance. Simply put, the more registered players betting online means more funds aiding New Jersey citizenry who view legal gambling as one of their state’s top money makers. Also, in the wake of the recent Hurricane Sandy devastation along the famed Jersey seashore, there is a need for more cash rolling into state and county budget coffers to aid in local storm reconstruction efforts.
Overall, the people of New Jersey are betting on Internet gaming because they view it as a sure bet to help their state when budgets are as tight as a drum.