NJ Online Casino
The legalization of online sports betting and gambling in New Jersey brought the potential for a boom in the gambling industry. The state is now on track to surpass Nevada in sports betting handle by 2021. Since New Jersey legalized online gambling and sports betting in June 2018, the state has caught up to many Asian and European nations. It is expected that NJ online casino revenue will grow 33.9% by 2021, a year after the state legalized gambling and sports betting.
The state’s online gambling industry has increased significantly since the launch of the first casino in November 2013. Although the market is highly competitive and more operators are competing for a slice of the revenue pie, the state has seen a spike in revenues over the past year. NJ online casino revenue hit a record-breaking $113.7 million in March 2021, up 23.7% from the previous year. But while the state hopes to generate $180 million in first year revenue from online gambling, the actual amount is likely to be much lower.
The industry is growing rapidly, but it is impossible to forecast monthly revenues. The state’s online casinos close out the year with a record-breaking $133.2 million in revenue in December. January and February both broke records. Despite the tight competition, NJ online casino revenue is projected to grow by over $100 million a month this year. Clearly, this is a trend worth watching. There are many benefits to online gambling in New Jersey. Among them, cross-selling between gaming verticals is becoming increasingly important.
NJ Online Casino Revenue Predicted For 2021
New Jersey’s sports betting industry is on track to reach $1 billion in handle by April 2021. The state’s March Madness event boosted wagers in March. With $757 million in total bets, the month of March is already the highest monthly handle in the history of the state. However, this number will not crack the top three months of any state, and the competition will only increase. By 2021, New Jersey is expected to account for twenty percent of the total American sports betting market – still an impressive share.
Another important measure of online gaming revenue in New Jersey is sports betting. New Jersey was the leader in sports betting revenue before the pandemic, but New York now accounts for over eighty percent of the total. This growth is reflected in sports betting revenue, which shows the percentage of gross gaming revenues that sportsbooks retain. Lastly, the state’s sports betting revenue displays how much money is collected in taxes. Despite the recent setbacks, NJ online casino revenue is on track to reach $2.8 million by 2020.
New Jersey online gaming is a lucrative industry that generates millions of dollars in tax revenue in both states. Last month, NJ internet gaming generated $21.1 million in tax revenue. Its Casino Revenue Fund supports programs for people with disabilities and seniors. The third-oldest gambling hall in the state, Bally’s Atlantic City is one of the newest online gaming license holders. The property was previously owned by Caesars Entertainment. Its owners, Bally’s Corp, sold the property to the Bally’s Casino in the city.