Lawmakers in New Jersey have proposed a bill that would allow the state to seize funds in inactive iGaming accounts for its unclaimed property program. The account must have been inactive for a minimum of three years, during which the casinos would be required to contact the account owner by mail, phone, and email.
If the casinos are unable to contact the account owner after a three-year period has passed, the proposed bill allows the state to seize the funds. The owner can claim the funds back under the “Uniform Unclaimed Property Act.”
The bill enjoys the support of a bipartisan group of lawmakers: Assemblymen Robert Auth, Joe Danielsen, Sean Kean, and John DiMaio. Auth, R-Bergen, and Danielsen, D-Middlesex, are sponsors, while Kean and DiMaio are co-sponsors.
The “Uniform Unclaimed Property Act”
The proposed bill would fall under the “Uniform Unclaimed Property Act,” which regulates unclaimed property. The Uniform Law Commission states in its description of the act that it “requires holders of unclaimed property to turn it over to the state unclaimed property administrator after a suitable dormancy period so the administrator can attempt to reunite the property with its rightful owner.”
If the proposed bill is passed, it would replace current laws that divide any unclaimed funds between the casino operator and the state’s Casino Control Fund. The proposed bill would ensure unclaimed funds are returned to their owners.
About NJ Online Casinos
iGaming has become a key source of state revenue in New Jersey. The New Jersey Division of Gaming Enforcement (NJDGE), the state’s gambling regulator, reported record-breaking revenue of $213.6 million in its most recent report for October 2024, surpassing even the revenues of the state’s land-based casinos in Atlantic City. The result also followed on from a September record of $208 million. New Jerseyans have access to more than 30 online casino platforms, each operating in partnership with one of the nine retail casino venues in Atlantic City.
Atlantic City casinos collected $208.7 million in revenue for October, while the state’s online and retail sports betting operators generated revenues of $77.5 million. The total NJ gaming revenue reported for the period was $499.8 million, a 2.6% increase compared to October 2023.
New Jersey’s iGaming scene began to take shape in 2013 with the passing of the revised Intrastate Internet Gambling Bill in the New Jersey Legislature. This bill resulted in the first internet gambling framework in the United States, thereby allowing land-based casinos to provide online versions of their games.
More than a decade has passed since NJ opened the first iGaming market in the US, but only six other states have legalized online casinos since. The most recent was Rhode Island, where iGaming launched in March 2024. iGaming is also legal in Connecticut, Delaware, Michigan, Pennsylvania, and West Virginia.