🇺🇸 New Jersey 💸 Proposes New Rules for Dormant Gambling Accounts 🎲

🇺🇸 New Jersey 💸 Proposes New Rules for Dormant Gambling Accounts 🎲
New Jersey lawmakers are introducing a new bill to manage unclaimed money from inactive online gambling accounts, directing funds to the state’s unclaimed property program after three years of dormancy. The move aims to improve accountability in the booming online gambling sector.

➡️ What’s Happening❓ — A bipartisan bill led by Assemblymen Joe Danielsen and Robert Auth proposes reclassifying unused online gambling account balances as unclaimed property under New Jersey's Uniform Unclaimed Property Act.

➡️What Will Change❓

🔺Inactive accounts will be subject to a three-year dormancy period before their funds are transferred to the state’s unclaimed property system.

🔺Operators must contact account holders via mail, email, or phone to inform them of inactive balances, encouraging them to withdraw funds.

🔺After three years, funds will be safeguarded and made available through the state’s centralized unclaimed property program.

➡️ What’s the Impact❓ — With New Jersey’s online gambling revenues surging, this bill ensures that dormant funds are handled responsibly. Account holders will have an easier time recovering money they may have forgotten about while enhancing transparency.

➡️What’s Next❓ — Despite strong bipartisan support, the bill could encounter delays or revisions as it moves through the legislative process. However, its core goal of improving fund management is expected to resonate broadly.

#OnlineGambling #NewJersey #UnclaimedProperty

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