According to reports by the New Jersey Office of the Attorney General, the total gaming revenue from racetracks, casinos, and their partners hit $404.1 million in December.
It was a significant increment from the $312.9 million in December 2020. Even with the 29.1% increase, the state’s casino revenue is expected to keep going up. In December 2021, internet gaming revenue rose 33.9% from December 2020.
December 2021 Statistics
New Jersey was a trendsetter in regard to the gambling industry. It legalized sports and online betting in 2018. Since then, its economy has benefited from the revenue. The once ailing economy is now doing great.
Many other states have since followed in their footsteps and legalized sports and online betting. USA is quickly catching up with European and Asian countries.
Following COVID shutdowns, many land-based casinos shut their doors. Online gaming experienced an all-time high in all parts of the world. New Jersey wasn’t left behind. It has consistently beaten its record of years completed with discrepancies as people keep betting from their home or work computers and mobile devices.
New Jersey has been posting significant revenue numbers in the last few years. According to the New Jersey Division of Game Enforcement, the 2020 pandemic reduced revenue of traditional casinos. Most gamblers turned to online platforms. Online casino revenue doubled.
Like with most places, physical and online operators in NJ were subject to the same tax rate. However, a lawsuit was filed as online casinos experienced a significant surge in profits.
The number of gambling sites in the state keeps going up. This has been fantastic for the Internal Revenue Service.
Why Are Online Casinos In New Jersey So Popular?
The growing revenue in New Jersey online casinos can be attributed to the popularity of these casinos. As the competition continues to increase, online casino operators have no choice but to improve the quality of their services. Here are a few reasons why the New Jersey online casino industry will keep flourishing in 2022.
Changing Laws
You can now place online gambling games at New Jersey online casinos. You can wager on slots, table games, sports, and poker with no legal complexities. There are nine land-based casinos in Atlantic City, and each one can operate online casinos, sportsbooks, or poker sites.
New Jersey opened doors to its first casino in 1978. However, it wasn’t until February 2013 that the first online casinos were introduced. Today, New Jersey has one of the most diverse online markets in the country. Plenty of providers and software developers are already eyeing the industry.
Convenience
Mobile gaming has made online casinos in New Jersey more convenient than ever. This is one of the main reasons why the casinos keep gaining popularity. You can now place bets and possibly make money without having to travel to a land-based casino. In addition, mobile games allow you to place bets from whenever you want.
Mobile casino apps are easy to use. They are available for both Android and iOS devices. The increasing number of online casinos in New Jersey has been great for the industry.
Effects of the Pandemic
The New Jersey Division of Gaming Enforcement reported that online gambling recorded a 35% rise from April 2020 to April 2021. The casinos took $108 million. When traditional casinos were closed, betting fans had no choice but to switch to online options.
The online gambling industry quickly switched its attention to mobile-friendly games. Today, there are plenty of mobile apps and desktop sites. They made it a lot easier to place bets online.
iGaming and Technological Advancement
Thought leaders in the online betting industry have invested a lot in innovation and technology. The main goal is to improve user’s experience and make games more accessible.
Live casinos, for example, are great for creating an authentic casino experience. They bring your favorite land-based casino directly to your device. Live casinos are the perfect hybrid of online and land-based casinos.
HTML5 coding helps game developers write code that they can use across multiple devices. This means that you can play all your favorite games on whatever device you have.
In-play betting has also had a significant effect on the industry. It gives sports fans the chance to make predictions while the game is still in play.
How Big Is the New Jersey Online Casino Market?
New Jersey has played a significant role in the evolving nature of online gambling in the United States. Most of its growth is from the successful court battle where the PASPA was overturned.
The court ruling meant that New Jersey and other states could now legalize sports betting. The market was no longer reserved for Nevada. The PASPA was overturned in 2018, and the state’s online casino revenue has been skyrocketing since then.
In June 2018, the revenue from casino gaming was $3,458,668. It rose to $18,777,582 in January 2019. By January 2022, the state tax revenue had hit $8,019,106. It is obvious that the revenue improved as soon as the legal standing on sports betting changed.
Expected Changes in the Industry
Land-based casinos have a solid presence in the Garden State. However, the online casino business is doing pretty great as well. Atlantic City has quickly established itself as the casino capital of the East. Even though most bordering states already have an impressive variety of casinos, they still visit New Jersey for its casinos.
Even though New Jersey no longer needs legislative changes to improve players’ experiences, others states offer better services in some respects. Trends to expect in the industry include crypto gaming, hybrid casino experiences, and esports betting.
Conclusion
The online betting industry seems to have exploded in all parts of the world. New Jersey hasn’t been left behind either. The igaming market is expected to hit $92.9 billion in 2023.
There are plenty of reasons why casinos have become so popular in the state. In addition to the favorable regulations, the pandemic-related shutdowns pushed more players to online casinos. Many players continued to explore online options for their convenience and technological developments.
According to reports by the New Jersey Office of the Attorney General, the total gaming revenue from racetracks, casinos, and their partners hit $404.1 million in December.
It was a significant increment from the $312.9 million in December 2020. Even with the 29.1% increase, the state’s casino revenue is expected to keep going up. In December 2021, internet gaming revenue rose 33.9% from December 2020.
December 2021 Statistics
New Jersey was a trendsetter in regard to the gambling industry. It legalized sports and online betting in 2018. Since then, its economy has benefited from the revenue. The once ailing economy is now doing great.
Many other states have since followed in their footsteps and legalized sports and online betting. USA is quickly catching up with European and Asian countries.
Following COVID shutdowns, many land-based casinos shut their doors. Online gaming experienced an all-time high in all parts of the world. New Jersey wasn’t left behind. It has consistently beaten its record of years completed with discrepancies as people keep betting from their home or work computers and mobile devices.
New Jersey has been posting significant revenue numbers in the last few years. According to the New Jersey Division of Game Enforcement, the 2020 pandemic reduced revenue of traditional casinos. Most gamblers turned to online platforms. Online casino revenue doubled.
Like with most places, physical and online operators in NJ were subject to the same tax rate. However, a lawsuit was filed as online casinos experienced a significant surge in profits.
The number of gambling sites in the state keeps going up. This has been fantastic for the Internal Revenue Service.
Why Are Online Casinos In New Jersey So Popular?
The growing revenue in New Jersey online casinos can be attributed to the popularity of these casinos. As the competition continues to increase, online casino operators have no choice but to improve the quality of their services. Here are a few reasons why the New Jersey online casino industry will keep flourishing in 2022.
Changing Laws
You can now place online gambling games at New Jersey online casinos. You can wager on slots, table games, sports, and poker with no legal complexities. There are nine land-based casinos in Atlantic City, and each one can operate online casinos, sportsbooks, or poker sites.
New Jersey opened doors to its first casino in 1978. However, it wasn’t until February 2013 that the first online casinos were introduced. Today, New Jersey has one of the most diverse online markets in the country. Plenty of providers and software developers are already eyeing the industry.
Convenience
Mobile gaming has made online casinos in New Jersey more convenient than ever. This is one of the main reasons why the casinos keep gaining popularity. You can now place bets and possibly make money without having to travel to a land-based casino. In addition, mobile games allow you to place bets from whenever you want.
Mobile casino apps are easy to use. They are available for both Android and iOS devices. The increasing number of online casinos in New Jersey has been great for the industry.
Effects of the Pandemic
The New Jersey Division of Gaming Enforcement reported that online gambling recorded a 35% rise from April 2020 to April 2021. The casinos took $108 million. When traditional casinos were closed, betting fans had no choice but to switch to online options.
The online gambling industry quickly switched its attention to mobile-friendly games. Today, there are plenty of mobile apps and desktop sites. They made it a lot easier to place bets online.
iGaming and Technological Advancement
Thought leaders in the online betting industry have invested a lot in innovation and technology. The main goal is to improve user’s experience and make games more accessible.
Live casinos, for example, are great for creating an authentic casino experience. They bring your favorite land-based casino directly to your device. Live casinos are the perfect hybrid of online and land-based casinos.
HTML5 coding helps game developers write code that they can use across multiple devices. This means that you can play all your favorite games on whatever device you have.
In-play betting has also had a significant effect on the industry. It gives sports fans the chance to make predictions while the game is still in play.
How Big Is the New Jersey Online Casino Market?
New Jersey has played a significant role in the evolving nature of online gambling in the United States. Most of its growth is from the successful court battle where the PASPA was overturned.
The court ruling meant that New Jersey and other states could now legalize sports betting. The market was no longer reserved for Nevada. The PASPA was overturned in 2018, and the state’s online casino revenue has been skyrocketing since then.
In June 2018, the revenue from casino gaming was $3,458,668. It rose to $18,777,582 in January 2019. By January 2022, the state tax revenue had hit $8,019,106. It is obvious that the revenue improved as soon as the legal standing on sports betting changed.
Expected Changes in the Industry
Land-based casinos have a solid presence in the Garden State. However, the online casino business is doing pretty great as well. Atlantic City has quickly established itself as the casino capital of the East. Even though most bordering states already have an impressive variety of casinos, they still visit New Jersey for its casinos.
Even though New Jersey no longer needs legislative changes to improve players’ experiences, others states offer better services in some respects. Trends to expect in the industry include crypto gaming, hybrid casino experiences, and esports betting.
Conclusion
The online betting industry seems to have exploded in all parts of the world. New Jersey hasn’t been left behind either. The igaming market is expected to hit $92.9 billion in 2023.
There are plenty of reasons why casinos have become so popular in the state. In addition to the favorable regulations, the pandemic-related shutdowns pushed more players to online casinos. Many players continued to explore online options for their convenience and technological developments.
Source: https://www.financemagnates.com/thought-leadership/nj-online-casino-revenue-predicted-to-keep-rising-in-2022/