New Jersey lawmakers have introduced a bipartisan bill that could change how unclaimed money from inactive online gambling accounts is managed, aiming to direct these funds to the state’s unclaimed property program after a three-year dormancy period.
The legislation, spearheaded by Assemblymen Joe Danielsen and Robert Auth as reported by Shore News Network, with additional sponsorship from Assemblymen Sean Kean and John DiMaio, seeks to improve accountability in the fast-growing online gambling sector.
If passed, the measure would reclassify unused account balances as unclaimed property under the “Uniform Unclaimed Property Act,” giving account holders a structured way to recover their money while preventing operators from mishandling or keeping dormant funds.
The proposal comes amid soaring revenues in New Jersey’s online gambling industry. The latest figures from the New Jersey Division of Gaming Enforcement revealed that the state’s iGaming sector generated $213.6 million last month, surpassing the $208 million record set in September and outperforming October’s casino revenue, which totaled $208.7 million.
As online gambling continues to outpace its land-based counterpart, managing dormant accounts has become a priority for lawmakers and regulators alike.
Under the proposed rules, online gambling operators must attempt to contact users with inactive or self-excluded accounts through mail, email, and phone, encouraging them to withdraw their remaining balances. If account holders cannot be reached or choose not to act, the funds would be transferred to the state’s unclaimed property program after three years of inactivity.
This shift would ensure that unclaimed funds are safeguarded and accessible through a centralized state system. The initiative enhances accountability while giving dormant account holders a better chance of retrieving their money, even if they have forgotten about it, proponents of the bill argue.
While the bill has garnered bipartisan support, its path to becoming law remains uncertain, as additional provisions or amendments could emerge during legislative discussions.
Original article: https://www.yogonet.com/international/news/2024/11/29/86934-new-jersey-lawmakers-propose-new-rules-for-dormant-gambling-accounts
