How big is the online gambling market in NJ?
New Jersey is one of the just six states that have legalized online casino gambling in all of the United States and, in fact, it was the first one (along with Delaware) to do so.
The legalization of this form of entertainment in New Jersey that included casino games, poker, and sports betting occurred back in 2013. And it’s safe to say that, ever since, “The Garden State” has been a leader in the US online gambling market.
Market size and revenue figures
The online gambling market in New Jersey has witnessed significant revenue numbers, which is a true reflection of its size and potential.
Based on data from the New Jersey Division of Gaming Enforcement, online casinos in NJ accumulated $1.66 billion in revenue for the year 2022, showcasing a significant 21.6% growth compared to the $1.37 billion earned in the previous year.
This impressive figure highlights the substantial economic impact of the online gambling industry in the state. But the most impressive thing is that it’s expected to continue growing at a similar rate for the next several years.
However, for that to happen, legislators need to first expand the authorization of online casinos which will expire later this year.
Nonetheless, everyone is very optimistic about it since, based on the superb growth and large tax revenue collected from online casinos, a legalization for yet another 10 years is very likely to happen.
Since its introduction in 2013, the online casino sector in New Jersey has amassed an impressive total of $5.5 billion in revenue, which are impressive numbers that the state’s governors will surely want to replicate (or even duplicate) up until 2033.
Factors that encouraged such market growth
Several factors have contributed to the growth and success of the online gambling market in New Jersey.
The ease of access to online platforms that allow players to enjoy their favorite casino games and engage in sports betting from the comfort of their homes is certainly the biggest factor.
And while New Jersey is not the only state of the country that allows gamblers to access an online casino platform from the comfort of their home, it’s certainly the state that offers the wider variety in terms of casino options and games.
There are 30 different online casinos operating from and for New Jersey residents. You may have heard about the most popular ones before like FanDuel, BetWay, Virgin Casino, and BetMGM, but there many other options gambling enthusiasts could choose from.
And want to know what’s the coolest thing about this? That all of them offer different games and playing modalities for players to enjoy.
From traditional table games like blackjack and poker to innovative slot games and instant win games like Bingo and Keno, players have a plethora of options at their fingertips.
This is something that attracts thousands and thousands of online bettors every day, and the main reason why the online gambling market in New Jersey is so massive.
The online gambling market in New Jersey has emerged as a significant contributor to the state’s economy and entertainment landscape, and that’s undeniable.
With impressive revenue figures and a wide range of online gambling options available, it continues to attract players and expand its reach.
And as the online gambling industry evolves, it is expected to further solidify its position in New Jersey and potentially serve as a role model for other states that are currently considering legalization or that are in the verge of it.