A bill in New Jersey proposes allowing the state to supposedly safeguard money sitting in inactive online gambling accounts. A bipartisan group of lawmakers wants to change the law which currently dictates that any funds from an account inactive for three years be split equally between the state’s Casino Control Fund and the gambling site’s license holder.
allowing the rightful owners to get the funds back from the state at a future date
The bill would categorize the money as unclaimed property through the Uniform Unclaimed Property Act, allowing the rightful owners to get the funds back from the state at a future date. Online gambling operators would need to try contacting the accountholders through email, phone, and mail before closing their accounts.
If successful, the bill aims to increase accountability in the sector and prioritize returning money to its rightful owners.