New Jersey’s online gaming market is taking quantum leaps in terms of size benefitting the state with increased tax revenue. Being an early adopter of sports betting after the US Supreme court lifted a decade-long ban on sports gambling last year, New Jersey’s online betting industry has been getting the maximum footage.
However, its online casinos and poker industry has also grown at an exponential pace. The latest figures released by the New Jersey Division of Gaming Enforcement reveals that the state witnessed $433,367,351 in internet gaming win in 2019 so far.
The figure represents a 60.7 percent increase in what the state had generated during the same period the previous year. In 2018, by the same time the state had generated $269,692,639 in internet gaming win.
It was in 2013 that New Jersey legalized both online casino games and online poker and there has been no looking back since then. After the state launched regulated online sports betting market, the revenues from its online casinos and poker have also jumped.
New Jersey expects to touch a $460 million mark by the end of December. This would mean that effectively for 2019, the online gaming industry in New Jersey will grow by roughly 66 percent year-on-year.
Sports Betting Boosts Online Gaming Revenue
The spike in the revenue for 2019 is attributed to the online sports betting market launched towards the end of last year. According to gaming industry analysts, Eilers & Krejcik Gaming and their partner Chris Grove, had it not been for online sports betting in the state, the online gaming market would have grown by only 20 percent in New Jersey.
New Jersey was amongst the early adopters of legalized sports betting and integration of online sports betting platforms with online casinos is unique to the Garden State.
At present, it has 20 online casinos and 16 online sports betting platforms. The increase in online casino and poker revenue is also attributed to the fact that top online betting platforms including Draftkings and Fanduel also offer online casino games on their sites.
There are currently 20 online casino brands and 16 online sports wagering platforms that are competing for market share in the Garden State.
While several US states are looking forward to legalizing online casino and poker games, currently only New Jersey, Nevada, West Virginia, Pennsylvania, and Delaware have legalized online casino games.
On the other hand, since the US Supreme court legalized sports gambling, 20 US states have said yes to regulated sports betting market and 13 have launched regulated sports betting in their jurisdiction.