Desperate Atlantic City To Offer Fantasy Sports
Regulators Will Begin Trial Period For The New Activity
Officials in New Jersey appear to be doing everything in their power to help the casino companies in Atlantic City who have seen their winnings slump since 2006.
On Monday, state regulators announced the temporary adoption of regulations (effective April 22) which authorize Atlantic City casinos to offer fantasy sports tournaments. The trial run will last 270 days, after which regulators will work to make the activity permanent.
“The casinos’ vast customer base and the ability to have contest winners utilize the casino cage to accept entry fees for fantasy sports tournaments and pay out winnings resulting from those tournaments provides an exciting opportunity to bring fantasy sports tournaments to Atlantic City,” Director David Rebuck said in a press release.
Casinos are allowed to partner with existing fantasy sports providers.
In addition to the new fantasy games, Atlantic City casinos are on their way toward Internet gambling, after Gov. Chris Christie legalized the activity in February. The state is also challenging the federal government on a sports betting ban.
The moves come amidst a planned bankruptcy filing by the city’s most expensive casino and a record low sale price for one of the area’s worst-performing joints, just to name a couple depressing business developments. There were talks of closings if the state didn’t enact measures to provide the casinos with more ways to siphon off money from gamblers.
Atlantic City’s free fall has also occurred concurrently with gambling expansion in the region — most notably in Pennsylvania. The desperation for tax revenue, increased economic activity and the possibility of some new jobs has spurred constant efforts to increase gambling.
For more news and poker tournament info for New Jersey, check out its landing page.
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