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.
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