New Jersey‘s online casino gambling is expected to be extended for another 10 years in a few weeks. iGaming was legalised in New Jersey in 2013 when it was approved by former Governor Chris Christie for a 10-year period and it is up for renewal in November this year.
At the time, the decision was driven by the economic struggles faced by the land-based casino industry after the 2007-2009 recession. There was also a great deal of competition from neighbouring states like New York and Pennsylvania where iGaming had become regulated. Online casinos began operating in November 2013, followed closely by the launch of online poker rooms.
The renewed law was signed off last week by the State Assembly Committee. It will be reviewed by the Senate any day now.
Affiliation in New Jersey is a requirement
Governor Phil Murphy is expected to approve the law by the end of this month. Currently the law requires iGaming operators to affiliate with a land-based casino in the jurisdiction in order to operate legally.
Tax revenue for iGaming in New Jersey has demonstrated a consistent and healthy growth pattern, especially in the last few years and the iGaming sector is seen as an important source of revenues for the State.
Those partnerships will continue to be a requirement under the proposed renewal legislation, which must be adopted before the November 2023 deadline to ensure uninterrupted online casino gambling in New Jersey until 2033. Recorded tax revenues have been substantial and budget documents show that the iGaming sector currently generates over US $250 million per year. Tax funds derived through iGaming are held in the Casino Revenue Fund.
The industry is indeed very important to the State of New Jersey.
iGaming is revenue generator for the State
The State of New Jersey is today one of the most established online gambling markets in the United States. Its mature online gaming sector has positioned the 11th largest state in the USA by population as one of the most successful income generators for the state in North America.
In 2022, New Jersey’s iGaming sector recorded US $1.66 billion in revenue. An additional US $27.4 million was generated from online peer-to-peer poker. Sports betting is also very popular and another significant contributor to the State of New Jersey, generating US $763 million in revenue.
The jurisdiction offers some of the best resources for the iGaming sector where responsible gaming is observed under the New Jersey Division of Gaming Enforcement. Measures are consistently improved to keep up with advancements in emerging technologies.
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