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Business planning culminates in online gambling in New Jersey

Casinos in New Jersey have been lobbying for online gambling, or virtual casinos, for a long time. Long before the state (finally) made online gambling legal, the business planning began. That planning culminated in the state's first online gambling site going live on Nov. 26.

Online gambling received mixed reviews by casino CEOs. Some are concerned that it will further detract from brick and mortar casinos which hit their peak in 2006 and have yet to recover. Other concerns involve children getting onto gambling website, thus encouraging a potential addiction to gambling. Proponents of virtual casinos say that the technology exists to safeguard against these eventualities.

Technology also had to be employed to keep the online gambling within the borders of New Jersey. For those in neighboring states that have not yet legalized online gambling, a trip across state lines with a laptop could allow them to engage in online gambling. Those in favor of virtual casinos are hopeful that federal legislation will be passed to legalize it in every state. Whether that happens remains to be seen.

However, business planning is surely in the works in case federal legislation is passed. Planning for the future is a good idea for any New Jersey business. It is difficult for a business to thrive and expand unless there is a clear direction. As was the case with online gambling, however, there may be legal and business hurdles to overcome before any plans can be put into action. Researching what steps need to be taken in order to meet the company's goals may help refine or adjust business plans as needed.

Source: Bloomberg Business Week, Online Gambling Just Went Live in New Jersey: Three Mega-Casino CEOs React, Alexandra Dean, Nov. 26, 2013

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