Lawmakers in Trenton recently advanced a new bill to extend the legality of online casinos in New Jersey for an additional ten years.
- Introducing the Latest Legislation for Online Casinos in New Jersey
- The State witnesses a significant rise in the popularity and presence of online casinos.
- Online casinos in New Jersey have been granted permission to continue operating until 2033.
In 2013, New Jersey became the pioneering state in America to implement taxation and regulation of online casinos. This bill granted both residents and visitors the opportunity to legally participate in casino games, with its validity set to expire in November of the current year.
In the event that a new bill is not signed and mutually agreed upon, the operation of online casinos in New Jersey will be prohibited. Nevertheless, the substantial revenue generated by these casinos, which outpaces that of traditional brick-and-mortar establishments, contributes significantly to tax earnings.
In March 2023, the state witnessed an unprecedented surge in online gambling, surpassing the $160 million threshold for the first time. Since 2013, online casinos have amassed an impressive $6,123,908,926 in revenue, contributing a significant $1,065,283,455 in tax revenue.
The growth of online casino revenue persists after the pandemic.
The COVID-19 pandemic led to a lockdown and closure of land-based casinos, which in turn resulted in a substantial growth of the online industry. Initially, it was anticipated that these figures would stabilize once the pandemic subsided. However, the consistent growth trend indicates that online casinos have now become the preferred choice.
The revenue figures for Atlantic City’s land-based casinos have consistently increased since their reopening, with an impressive growth of over 13% by April 2023 compared to the previous year’s same period.
The NJ online casino industry experienced remarkable growth in 2022, surpassing previous records and demonstrating continued progress.
The potential arrival of land-based casinos in New York and the looming smoking bans pose a significant threat to the state’s land-based casino industry, potentially leading to further damage over the next decade as online casinos continue to flourish.
The NJ Online Casino Bill receives a promising green light.
The bill is currently underway to extend the legality of online casinos in the state. However, it still awaits the approval of both the Assembly and the Senate. Once these approvals are obtained, it will then require the consent of Governor Phil Murphy, who has already expressed his agreement to sign it earlier this year.
