Published on by kirk
Online gambling might be a bustling industry, but that does not mean that no one stays on top for long. Founded ...
Published on by kirk
Parts of the United States have been steadily working towards expanding online casino legality for years. The efforts reached a new high in 2020 as the COVID-19 pandemic severely limited what land-based casinos could offer players. New Jersey has been an especially strong proponent of online gambling and sports betting; the state legalised internet gambling in 2013 with the passage of bill A2578. In the wake of the coronavirus’ hold upon the public sphere, it moved quickly to implement one of the most robust, comprehensive online gambling systems in the country. The results speak for themselves.
Many state authorities are judicious in their approval of online gambling because they worry it could cut into land-based profits and result in an overall drop in revenue. While New Jersey shared some of those reservations, it has also shown that supporting online casino development has the potential to grant some serious returns. In fact, despite the country being wracked with COVID-19 and unable to function normally, New Jersey’s gambling industry has seen a 326.4% year-on-year increase in April to $352.2m.
This boost is significant for a few reasons. First, even with COVID recovery efforts ongoing and a true return to pre-pandemic everyday life pending, the state is seeing impressive strides in its gambling revenue thanks to online betting. It is also indicative of growth in the rest of the gambling market, something reflected in New Jersey’s sports betting industry, too. While betting volume in April hit an expected slump of $750m per month, the overall growth in lifetime handle ($15b) and revenue ($1b) is quite a feat.
Eric Ramsey, an analyst for popular New Jersey gambling aggregate PlayNJ.com, found that the wager and revenue figures drive home the state’s online gambling market success:
“Considering the challenges, particularly in 2020, $15 billion in wagering and $1 billion in revenue are incredible yardsticks that really drive home just how successful the New Jersey market has been.
He continues, noting that the state seems likely to retain its status as the nation’s largest market unless something dramatic shifts:
“At least until New York launches its sports betting industry, New Jersey seems untouchable as the nation’s largest market.”
We look forward to tracking New Jersey’s progress as it continues to lead the country in online gambling development.