New Jersey legislature has signaled their willingness to extend online betting authorization in the state for an extra ten years. When implemented, online gambling will go on to 2033.
Online betting has been performing well in New Jersey. They won $470.6 million from sports betting in August, which was a 10% rise compared to the same time last year. Revenue for July was $480.7 million, a 7% rise compared to the same period in 2021.
Online gambling is an integral part of NJ
Assemblyman Don Guardian said the NJ online casino sector has demonstrated to be an essential part of gambling in the state. The sector is the cause why NJ still hosts casinos to date. The online casino sector in the state helped to keep the sector afloat during the pandemic when traditional gambling was closed. Don is a former mayor of Atlantic City.
The state legislative panel hinted at the good news on Wednesday 15th, and held an assembly committee hearing on Thursday. They considered authorization extension up to 2033, and the recommendations were moved to the legislative for the next steps. If the approval process succeeds, the documents will reach Governor Phil Murphy’s desk for signature.
Online casinos in New Jersey have been excellent performers
Internet casino games in NJ started in 2013 and have consistently performed well since then. To date, online casinos have generated $4.79 billion from online gamblers. That’s more than double what most other states have generated since US gambling legalization in 2018. Since launching PA online gambling in 2019, the sector has generated $2.47 billion.
Online casino games revenues from Michigan since 2021 are $2 billion. Delaware has generated $42.2 million since 2013, while Connecticut has generated $199.7 million since October 2021 and West Virginia $137.4 million since July 2020. These statistics are not inclusive of revenue from the sports betting sector.
Online casinos to advertise their land-based casinos
Online casinos in New Jersey are headed to receive double benefits. Another bill is in its advanced stage at the Assembly committee table. The bill seeks to allow online casinos in the state to advertise their land-based casinos on their online sites. The committee discussed a third bill that seeks to include e-sports as part of online betting.
The committee agrees popularity of e-sports in the state has grown, and it is high time they were included as online betting events. The online casinos, however, will be required to apply for specific permits for e-sports to be allowed as part of their online games. In the entire country, NJ sports betting has remained at the top since 2018.
That, however, changed in 2022 after the New York sports betting sector suddenly began to record fast growth. New York is now leading in sports betting countrywide. Despite the impressive profits, online casinos do not keep all the money. About 70% of the money goes to third-party companies such as gambling platform providers. Due to the effects of the pandemic, casinos in the state are still struggling to return to their former condition.