A Decade of Success: NJ Online Casinos Reach $7 Billion Milestone
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PR Newswire
OddsSeeker Unveils Insights into New Jersey Online Casino
ATLANTIC CITY, N.J.,Nov. 21, 2023/PRNewswire/ -- The narrative chronicling the remarkable 10-year journey of legalized onlinecasinosinNew Jerseyextends beyond mere words. Some may contend that the statistics underpinning the unparalleled triumph of NJ's internetgamblingindustry are more elucidating than the most eloquent prose.
As the official decennial milestone approaches, Oddsseeker.com delves into the numerical facets of one of the most triumphant sagas in the US gaming sector. The historic ten-year run ofculminated in October, yielding a staggering$7 billionin gross gaming revenue and contributing over$1 billionin taxes, providing a vital lifeline toAtlantic Citycasinosduring the throes of the Coronavirus pandemic and economic constraints.
Reflecting on the inception of NJ onlinegambling, history notes that onFebruary 26, 2013, former GovernorChris Christiesanctioned Senate Bill 1565 into law. Subsequently, onOctober 21andOctober 28, the Division of Gaming Enforcement implemented regulations overseeing internetgamblingoperations, including the stipulation that all patrons must be at least 21 years old.
November 21, 2013, witnessed the DGE's authorization of a "soft launch," followed by full play approval for six licensees onNovember 25. At9 a.m.onNovember 26, 2013, legal onlinecasinogamblingin NJ commenced, resulting in the creation of more than 126,000 online user accounts that year, as reported by theCasinoControl Commission.
Among the notable beneficiaries since the legalization of online gaming a decade ago, the foremost victor has unequivocally been theState of New Jersey, aside from the operators themselves. Taxing onlinecasinorevenue at a rate of 15%, the state has amassed over$1.45 billionin taxes fromNovember 2013toOctober 2023, channeling these funds towards aiding senior and disabled citizens in the Garden State.
The trajectory of onlinegamblingrevenue taxes has exhibited an upward trajectory since 2013. In its inaugural year, internetgambling$1.26 millionin taxes. By the close of 2014, the tax contributions surged to about$18.4 million, reaching over$22.3 millionthe subsequent year. The trend persisted, culminating in tax collections exceeding$205.2 millionin 2021, and a record-setting$250 millionin 2022.
Turning attention to revenue, while conventional wisdom might suggest thatcasinoseffortlessly generate profits, the reality forAtlantic City'sbrick-and-mortar establishments is less rosy. Conversely, legal onlinecasinoshave proven to be a nearly foolproof business strategy, offering the profit potential of agamblingparlor without the burdensome overhead costs.
In the initial 14 months of legalized internetgamblingin NJ, operators reported a modest sum of slightly over$131.2 million. Fast forward toJanuary 2021, and monthly onlinegamblingrevenue surpassed the$100-millionthreshold.New Jerseyonlinecasinosconsistently exceeded$140 millioneach month in 2023, with three instances surpassing$160 million, including a record-setting$166.8 millioninOctober 2023.
As NJ onlinecasinoscontinue to break revenue records, the question remains: How high can they ascend from here? Only time will unveil the answer to this captivating trajectory that forever changed the landscape of online gaming in America.
About OddsSeeker: OddsSeeker.com is a leading source for iGaming news, online games, and onlinecasino& sportsbettingpromotions in the U.S. regulated online gaming markets.
