How Safe Is My Money At A Legal NJ Online Gambling Site?
What stops a company operating a regulated NJ gambling site from taking your money?
What casinos back NJ’s online gambling sites?
There are currently only five authorized casinos that are licensed and regulated by the New Jersey Division of Gaming Enforcement.
This may come as a surprise, as it seems there are so many places from which to choose. However, the truth is only the Borgata Hotel Casino & Spa, Caesars Interactive Entertainment, Gold Nugget Atlantic City, Resorts Casino Hotel, and Tropicana Casino and Resort have licenses to operate NJ online casinos within the state.
Of course, all of these casinos offer multiple online casino platforms to access their sites.
For example, Resorts operates not only Resortscasino.com and Mohegansuncasino.com; they also hold the licensing for Pokerstarsnj.com.
All the casinos that operate online gambling sites in New Jersey are reputable companies that have gone through all the proper channels to ensure the safety of online gaming funds. They are licensed and insured.
Online gambling sites in NJ as safe as cash at the casino
If you feel your funds are safe tucked inside the cage at the Tropicana, you should feel the same level of safety with your funds in an account at its site.
A lot of the concern over the safety of online gambling and what happens when a company goes out of business stems from the UIGEA (Unlawful Internet Gaming Enforcement Act) that passed back in 2006.
More specifically, the fear points toward the event poker players call “Black Friday,” which occurred in April 2011. The DOJ swooped in and shut down all the major online poker sites that were operating in violation of UIGEA. All player funds were locked in their accounts. With no way to withdraw the funds, and no way to log onto the sites, hundreds of thousands of people felt that their funds were lost.
As it turned out, this wasn’t the case. PokerStars (now operating legally in New Jersey) was running everything on the up and up. It had player funds separated from corporate funds and when the DOJ cracked down, it almost immediately gave everyone the balance of their accounts.
However, Full Tilt did not have player accounts separate from corporate accounts, and player funds were seized along with its other assets. This made it impossible for Full Tilt to refund players in a timely fashion. After much legal trouble, PokerStars ended up purchasing Full Tilt, and the acquisition required PokerStars to pay back all the Full Tilt customers in full.
In the meantime, many players didn’t have access to their bankrolls for more than a year. It is only logical that people would fear depositing and playing online under these circumstances. But the days of fly-by-night gambling operations are behind us.
The fact that online casinos are licensed and legal makes all the difference
With online gambling legal in the state of New Jersey and online casinos, such as Betfair.com and GoldenNuggetCasino.com, having full backing from the huge brick and mortar casinos in Atlantic City, gambling online no longer has to be a shady operation.
You can be sure that when you deposit funds at TropicanaCasino.com or PokerStarsNJ.com, your funds are as safe as they would be locked away in the cage at Caesars Palace.
As long as you are depositing in a New Jersey online casino that is licensed by the New Jersey Division of Gaming Enforcement, you can be sure your funds are safe.