The 2013 bill that legalized online casino gaming in New Jersey started access to the wide range of gaming sites now available in multiple states. The law allowed online casinos to operate in the state for a period of 10 years, which expires in November of 2023.
The bill only revolves around the legalization of online casinos, meaning it doesn’t affect online sports betting as this was legalized in 2018. Now, the state of New Jersey is taking the steps to extend it by another 10 years.
Incredible Growth Provides Massive Tax Revenue for the State
The New Jersey law provides access to online casinos that are regulated by the New Jersey Division of Gaming Enforcement. This ensures access to online sites that follow strict rules regarding responsible gambling, reliable payments, fair gaming, and more. Residents and visitors can legally access a wide range of online casinos in the state, offering brilliant games, promotions, and other gaming features on PC and mobile devices.
New Jersey now provides access to over 30 top-rated online casinos, generating over $1 billion in annual revenue. It’s grown drastically over the last few years, especially with land-based casinos having to close their doors to extensive periods during the COVID 19 pandemic.
However, despite the pandemic boosting the online growth, the market managed to increase at a steady rate before, and now after the restriction. In fact, since 2015, it shows an increase of over 20% per month, starting from $123 million in revenue collected 2014 (the first full year) to over $1.3 billion in 2021. In 2022, we see yet another impressive 26% month-on-month growth compared to last year.
A 10 Year Extension is Basically Approved
While some would say the market in New Jersey seems to be settling now, the fact is that over $130 million is being collected in revenue each month. Of course, New Jersey could certainly benefit from this massive tax revenue boost, funding various projects.
A request for the extension is already underway and has basically been approved. In fact, the three steps of approval are easily passed, including the state Senate and Assembly with all votes in favor. Now, the last step is for the Governor to approve and sign the bill, which he already agreed to at a gaming convention earlier this month.
Once the bill is signed, it all allows online casinos to remain available in New Jersey until 2033. While making it permanent law would make the most sense, Ralph Caputo, from the state assembly said; the 10-year agreement allows them to adjust where needed. This could take place if the online sector affects gambling addiction or in-person gaming in the state of New Jersey.