The iGaming industry has taken the market by storm, improving just about every section of land-based gaming opportunities. These larger collection of games, higher fairness levels, and convenience of playing from home has not gone unnoticed.
iGaming was legalized in the state of New Jersey in 2013 when a bill was signed to permit internet gaming for the period of 10 years. While the renewal is due within just a few months, there’s no doubt that booming industry would continue without fail.
Revenue continues to grow drastically, allowing legalized states to collect massive amounts in tax revenue. This doesn’t only apply to the state of New Jersey that’s added over $310 million in tax revenue in 2021, but all other states as well.
Massive Growth in Tax Revenue Marks just the Beginning
In 2014, just a year after New Jersey legalized iGaming, an impressive $123 million was collected in revenue, adding $18 million for the state in taxes. Last year, iGaming had grown to collect over $2 billion in revenue, which meant $310 million is tax revenue for the state.
While many would assume the incredible growth is spurred on by the pandemic, it’s clear that the market had shown similar growth patterns even before COVID. In June 2018, the market had generated slightly south of $3.5 million, which increased to over $25 million by August 2020. In January 2022, it had more than doubled to an astonishing $60+ million.
The online casino and sports betting industry in American is predicted to reach over $93 billion by the end of next year. Of course, this combines all the legal internet gambling states, including Delaware, Michigan, Pennsylvania, West Virginia, Connecticut, and of course, New Jersey.