Trenton, New Jersey. Have you stopped playing online games but still have money in your account? If so, the government of New Jersey wants your money and will take it and hold it for you if they can.
They claim that it’s to stop gambling websites from stealing your money.
After three years of dormancy, a bill sponsored by a bipartisan coalition of New Jersey lawmakers would restructure the handling of money left in inactive internet gambling accounts and move the unclaimed earnings to the state’s unclaimed property program.
The bill, which is co-sponsored by Assemblymen Sean Kean and John DiMaio, aims to change the present regulations regarding dormant internet gambling accounts. It is sponsored by Assemblymen Robert Auth (R-Bergen, Passaic) and Joe Danielsen (D-Middlesex, Somerset). Unclaimed money is divided equally between the state’s Casino Control Fund and the casino licensee under current legislation.
If approved, the law would allow the legitimate account holders to recover their money from the state by treating monies in inactive accounts as unclaimed property under the Uniform Unclaimed Property Act. Before terminating accounts, casinos would have to make an effort to get in touch with account holders via phone, email, and mail.
In New Jersey, where online gambling has been a major source of state income, the legislation, which aims to guarantee that unclaimed assets are handled fairly and transparently, comes as online gaming activity is on the rise.
The bill seeks to improve accountability in the expanding online gaming industry while giving priority to returning money to account holders by redistributing control of dormant funds.
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