Access to the multitude of gaming sites in various states became possible with the enactment of the 2013 bill in New Jersey, which legalized online casino gaming. This law granted a 10-year operating period for online casinos within the state, set to expire in November 2023.
The bill solely focuses on legalizing online casinos, with no impact on online sports betting since it was already legalized in 2018. Presently, New Jersey is actively working towards extending this legalization for another 10 years.
The state benefits from an impressive surge in growth, resulting in substantial tax revenue.
In New Jersey, the law allows individuals to access online casinos that are overseen by the New Jersey Division of Gaming Enforcement. This guarantees access to online platforms that adhere to rigorous regulations concerning responsible gambling, secure transactions, impartial gaming, and other important factors. Both residents and visitors of the state can lawfully enjoy a diverse selection of online casinos, which offer an array of exciting games, enticing promotions, and convenient gaming options on both personal computers and mobile devices.
Over the last few years, New Jersey has witnessed a significant growth in its online casino industry, which now offers access to more than 30 highly-rated platforms. This expansion has been particularly accelerated by the COVID-19 pandemic, as land-based casinos were forced to shut down for extended periods. As a result, the online casino sector in New Jersey has flourished, generating annual revenue exceeding $1 billion.
Nevertheless, even with the pandemic’s contribution to the surge in online expansion, the market experienced consistent growth prior to and following the restrictions. Remarkably, the market has exhibited a monthly growth rate exceeding 20% since 2015, commencing from a revenue of $123 million in 2014 (the initial full year) and escalating to an impressive $1.3 billion in 2021. Furthermore, in 2022, there has been an astonishing 26% month-on-month growth compared to the preceding year.
The approval of a 10-year extension is essentially confirmed.
Despite claims that the market in New Jersey appears to be stabilizing, the reality is that the state is generating over $130 million in revenue every month. This substantial tax income could undeniably prove advantageous for funding a range of projects in New Jersey.
The process for extending the request is currently in progress and has received substantial approval. In fact, it has successfully passed the three necessary approval stages, with both the state Senate and Assembly voting unanimously in favor. The final step remaining is for the Governor to give his approval and sign the bill, which he had already agreed to during a gaming convention earlier this month.
After the bill is signed, online casinos in New Jersey will be permitted to operate until 2033. Although making this a permanent law would be logical, Ralph Caputo, a member of the state assembly, suggests that the 10-year agreement provides flexibility for adjustments if necessary. Such adjustments could be made if the online sector negatively impacts gambling addiction or in-person gaming within New Jersey.
