The iGaming sector has revolutionized the market, enhancing every aspect of land-based gaming options. The extensive range of games, increased fairness levels, and the convenience of playing from the comfort of home have garnered significant attention.
In 2013, the state of New Jersey legalized iGaming through the signing of a bill, allowing internet gaming for a decade. As the renewal deadline approaches in a few months, there is no doubt that the thriving iGaming industry will persist without any disruptions.
Legalized states are experiencing significant growth in revenue, resulting in the collection of substantial amounts in tax revenue. This positive trend is not limited to New Jersey alone, as other states are also benefiting. For instance, in 2021, New Jersey alone generated over $310 million in tax revenue.
The beginning is marked by a remarkable surge in tax revenue growth.
In 2014, New Jersey’s legalization of iGaming resulted in a remarkable $123 million in revenue, contributing $18 million in taxes to the state. By the following year, iGaming had experienced substantial growth, generating over $2 billion in revenue and contributing $310 million in tax revenue to the state.
Contrary to popular belief, the remarkable surge in growth is not solely attributed to the pandemic. Evidently, the market had exhibited comparable growth trends even prior to the emergence of COVID. In June 2018, the market had yielded just under $3.5 million, which then escalated to over $25 million by August 2020. By January 2022, it had more than doubled, surpassing an astounding $60 million.
By the end of next year, the American online casino and sports betting industry is projected to surpass $93 billion. This estimation includes all the states that have legalized internet gambling, namely Delaware, Michigan, Pennsylvania, West Virginia, Connecticut, and New Jersey.
