December 30, 2019

NJ Online Casino Revenue Gets A Boost Thanks to Sports Betting

NJ Online Casino Revenue Gets A Boost Thanks to Sports Betting

New Jersey’s online gambling market’s gross gaming revenue is getting a huge boost thanks to sports betting. Being an early adopter of sports betting after the U.S. Supreme Court lifted a 10-year ban on sports gambling ban last year.

But the state’s online casinos and poker industries have also grown at an impressive rate. The latest figures announced by the New Jersey Division of Gaming Enforcement shows that New Jersey saw a $433,367,351 growth in Internet gaming in 2019 so far.

This figure represents a 60.7% increase in what New Jersey earned during the same period last year. The state had earned a total of $269,692,639 in Internet gaming by the same time in 2018.

New Jersey legalized both online casino games and online poker in 2013, and from then on, there was no looking back. After the regulated online sports betting market was launched in the state, revenues from its online casinos and online poker also went up.

The state expects to reach a $460 million mark by the end of this month. In order for this to be possible, this would mean that the state’s online gaming industry would have to grow by 66% year-on-year.

Online Gaming Revenue Boosted by Sports Betting

The increase in revenue or 2019 is thanks mostly to the launch of the online sports betting market towards the end of last year. Gaming industry analysts Eilers and Krejcik Gaming and their partner Christ Grove, gave their two cents on this matter saying that if not for online sports betting, New Jersey’s online gaming market would have only grown by 20%.

New Jersey is one of the states that adopted legalized sports betting and integration of online sports betting platform with online casinos early on.

The Garden State currently has 20 online casinos and 16 online sports betting platforms.

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