NJ online casinos show no signs of slowing down after five years on the market and it's incredible.
In 2013, The New Jersey Division of Gaming Enforcement paved the way for the prosperous industry of NJ online casinos. The recent boost provided by NJ sports betting has only added to the ever-growing empire that NJ online gaming has become.
New Jersey online casinos continue their exponential growth into October 2018, where online gaming produced $26,753,878 in revenue and another $4,016,533 in taxes. In total, NJ online gaming created $242.75 million year-to-date through October.
In 2017, the revenue of NJ online casinos added up to $245.6 million, an increase of almost 25 percent from the record-breaking number from 2016, which saw $196.7 million in revenue. NJ online casinos produced at least $20 million a month for the past 20 months, repeatedly setting the record for most revenue reported monthly.
The DGE built NJ online gaming on a solid foundation, according to David Schwartz, director of the Center for Gaming Research at UNLV. “I think it’s a matter of taking the approach where the regulators are interested in the overall health of the market,” Schwartz said.
Schwartz attributes the success and growth of NJ online casinos to the market size, and also notes “they’re the biggest state so far, as far as population goes, to have all forms of casino gaming available online.”
NJ Sports Betting Makes Its Mark
New Jersey sports betting is something that has only added to the growth of NJ online gaming in recent months.
An exponential increase in New Jersey sports betting has helped produce increasingly positive revenue results for the DGE and the state. George Rover, Assistant Attorney General of the DGE, helped set the stage for NJ sports betting to make its imprint on the casinos' industry. “We always felt that sports betting was going to happen,” Rover says. “And we always believed that the online casino gaming structure we set up would allow us to transition very easily to a sports betting platform.”
Rover mentions geolocation, revenue reporting, Know Your Customer as hurdles online casino gaming previously crossed ahead of introducing an NJ sports betting operation. “We really felt that once you had the casino online piece solved, engrafting sports betting platforms on top of that was just not that big a deal.”
DraftKings Sportsbook mobile betting was introduced in August and made its mark on NJ online casinos as a whole. With the help of DraftKings Sportsbook app, DK totaled $24.5 million in revenue, just a shade below the $27.4 million produced by more conventional casinos means.
NJ sports betting being added to the NJ online casino market means the state should expect continued increases in revenue monthly, especially during football season due to its impact on NJ sportsbooks such as DraftKings and FanDuel Sportsbook.
Will NJ Online Casinos Continue to Prosper?
That all depends on the public. “If more people decide they want to play online, obviously the industry can grow,” Schwartz says.
George Rover of the DGE admits he isn’t an expert on the subject but thinks New Jersey online gaming expansion could be imminent and powerful. “I don’t see why there’s any barrier there,” Rover says. “Half a billion dollars seems definitely within reach within the next year or two. But again, I am definitely not an expert on that.”