Attys Bullish on NJ Internet Gambling Despite Slow Start

August 14, 2014 – In The News
Law360
Patrick Madamba Jr. was featured in the Law360’s article, "Attys Bullish on NJ Internet Gambling Despite Slow Start." Full text can be found in the August 14, 2014, issue, but a synopsis is below.

Attorney reason that although Gov. Chris Christie's administration seems to have over-projected his revenue expectations for New Jersey’s Internet gambling, payment processing improvements ought to grow the market as new products are surface and the state maintains flexibility to enforce what may be considered the world's most severe regulations in this area.

While the situation has improved, national organizations without sturdy ties to New Jersey have proven to be burdensome.

Patrick Madama Jr. inputs his opinion that the federal government has largely sat on the sidelines.

He explains, “The federal government could do more to make it clear to the banking industry that funding intrastate, lawful Internet gaming does not run afoul of federal law.”

To exemplify his point, Madamba referenced a DGE bulletin in June assisted in enhancing regulation of Internet marketing companies that largely direct traffic to gambling websites. The bulletin loosened the criteria for utilizing a vendor registration versus a more complicated licensing process.

Madamba adds that even with New Jersey on its own for now, attorneys see no reason for doom and gloom on Internet gaming. The market needs time to mature.

“People are too quick to rush to judgment on an industry that's all of nine months old,” he concludes.