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New Jersey considers changes for unused gambling funds
Lawmakers from New Jersey are calling for changes in the bill on using unclaimed funds from inactive gambling accounts.
With the new proposal, lawmakers aim to integrate a new transfer system of funds. After three years of inactivity, the funds from gambling accounts will be transferred to the state’s unclaimed property program. Before the transfer, operators need to contact the account holders by mail, email, and phone to inform them about their remaining balance and encourage them to withdraw the funds. In case of inactivity from the user’s side, the transfer process will go into effect.
Led by Assemblymen Joe Danielsen and Robert Auth, with support from Sean Kean and John DiMaio, the new change seeks to prevent gambling operators from holding onto unclaimed funds indefinitely. Despite receiving tremendous support, the bill is still under discussion as it can later be modified. If passed, the bill would offer a more transparent and fair approach to managing unclaimed gambling funds.
This proposal comes after reports of New Jersey’s iGaming sector. In October, the state’s online gambling sector hit $213.6 million, surpassing September’s revenues of $208 million. It was the third consecutive month with $500 million in total revenues. New Jersey’s gaming industry keeps advancing, showing a new era in entertainment choices for players.
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