A bill to restructure how dormant internet gambling accounts are handled is being advanced by New Jersey lawmakers. Through the state’s unclaimed property program, the proposed law seeks to guarantee that unclaimed money are protected and given back to their legitimate owners.
With backing from Sean Kean and John DiMaio, the bill, which is supported by Assemblymen Robert Auth and Joe Danielsen, targets accounts that have not been used for three years. Unclaimed sums are currently divided between the Casino Control Fund and casino operators. Under the “Uniform Unclaimed Property Act,” the new law aims to categorize these monies as unclaimed property, providing players with a simple procedure to get their money back.
To enhance transparency, the legislation mandates that casinos notify account holders before deactivating accounts. Notifications must be sent via mail, phone, and email. If funds remain unclaimed after three years, they would transfer to the state’s unclaimed property system, ensuring secure access for players.
Prioritizing Accountability in a Growing Industry
With online gambling contributing significantly to New Jersey’s economy, proper fund management has become a critical focus. Lawmakers aim to bolster accountability within the gaming industry while protecting players from losing their balances.
This bill reflects New Jersey’s commitment to maintaining fairness and trust as online gaming grows in popularity. By redirecting unclaimed funds to the state’s unclaimed property program, the initiative balances industry growth with consumer protection.
The move signals a broader effort to address the evolving dynamics of digital gambling and prioritize player rights in a rapidly expanding market.
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