New Jersey Online Revenue Soars

October 17, 2017 by

New Jersey Online Gambling Revenue Rises 

Online gambling is still considered mostly illegal in many US states but there have been a few bastions of good sense where certain forms of online gambling have been allowed. New Jersey is one of those states and they have reaped the rewards from their legislation.

At a time when many land based casinos are showing drops in their revenue, New Jersey’s online gaming has seen an incredible 26% surge in their year on year revenue for September. Current predictions for the revenue generated by online gaming for 2017 looks set to top $250 million, a massive increase in the $196 million generated in 2016 alone.

A Growing Industry

Lead analyst for PlayNJ, Steve Ruddock stated that New Jersey’s regulated online gaming industry makes up 10% of all Atlantic City Casino revenue, an incredible figure for such a relatively young industry which has only been legalised a few years ago. The gaming options and reach is also strictly limited so this is not even a true reflection of the potential rewards that legalised online gaming can hold.

Ruddock went on to say that the online casino industry is incredibly competitive and New Jersey is making a smart move by incorporating online gaming into their land based casino portfolio. Many commentators have called for legalised online gambling in America but the move is very heavily opposed.

The land based gaming industry has a lot of pull in the government and they have many lobby and special interest groups campaigning on their behalf to make sure online gaming gets suppressed.

New Jersey has shown though that online gaming can be an incredible asset for local governments with its additional revenue stream for taxes. There is also clearly a huge public demand for access to convenient online gambling that is being ignored by legislators.

Land Based Casino Growth Slows

Land based casinos in New Jersey by comparison have only seen a 4% increase in their revenue, year on year. That said, all 7 major casinos in Atlantic City did see improvements in their revenue with the Golden Nugget seeing the highest increase in its revenue with a 14.1% increase.

The Tropicana, Borgata and Harrah’s saw revenue increases between 8 and 13%, while Resort World, Ballys and Ceasars only saw increases of 0.1% to 5.4%.

Industry experts are predicting that online casino revenue will only be set to increase over the next few years as more and more people sign up for convenient real money gaming at a safe venue.

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