According to a new report from iDEA Growth, the iDevelopment and Economic Association, New Jersey’s online gambling industry created 1,851 jobs in 2018. In this period, the industry also brought in $52.3m in taxes for the state.
Online casinos were launched in New Jersey in 2013, and this iGaming market has become one of the most booming in the USA.
Between 2013 and 2018, the online gambling industry brought in $259.3 million in tax and created 6,552 jobs, worth $401.0m in wages, as figures suggest.
Legalizing online gambling was very beneficial for operators, consumers and the state of New Jersey.
IDEA’s report also emphasized that regulating online gambling in New Jersey turned out to be a great success for consumer protection.
By bringing a previously offshore industry onshore from a gray market into a structured environment, the players can enjoy more security as they play favorite casino games online.
Official Statements
Jeff Ifrah, the founder of iDEA Growth, has a lot to say about this subject:
“The results of this report demonstrate the economic, regulatory and consumer safeguard wins that mobile gaming and betting offers a state. 80% of sports betting wagers are already placed on mobile devices or online. When bets are done legally and in the proper regulatory framework, everyone wins.
He also pointed out that other states should consider legalizing this industry as well.
“For the many states considering whether to legalize mobile betting and gaming, the question to ask is, ‘What could your state do with more tax dollars?’. The additional revenue gained from mobile gaming can be earmarked for important state initiatives,” adds Ifrah.
In addition, the report notes that the online gambling industry has grown at a rate of 23.4% per year to $299.1m in 2018 and is projected to increase by more than 50% for 2019.
Online gambling gross gaming revenue (GGR) for 2018 amounted to $299.1m, up 21.6% year-on-year. The industry has already exceeded that GGR figure for 2019, bringing in $339m for the first nine months of the year and a projected $452m for the full twelve-month period.
Online Sports Betting Has Major Impact on Revenue
As the major reason for the increases in revenue for 2019...
... the report marks the growth of online sports betting in New Jersey. DraftKings became the first operator to take online sports bets in the Garden State on 1 August 2018, and since then the online sports betting has grown rapidly.
The online sportsbook handle totaling $417.0m in October 2019, which is significantly higher compared to $174.4m in the same month of 2018. However, despite its growth, the online gambling industry in New Jersey is still dwarfed by its land-based counterpart.
The iDEA Growth study projects that the overall gambling GGR in the state will exceed $3bn in 2019. Still, the land-based casinos will take in more than $2.5bn of that revenues.
Source:
“Study: NJ online gambling created 1,851 jobs last year”, igamingbusiness.com, December 11,t2019.
bryanbassyona
4 years ago
it was a massive grown to gambling in 2019, and i can notice that because of the amount of online gambling sites that came to market on this past months... i have some years gambling on online casinoss, about six years and i have never seen such amount of new casinos on the market.... i dont know but at least for me that...
it was a massive grown to gambling in 2019, and i can notice that because of the amount of online gambling sites that came to market on this past months... i have some years gambling on online casinoss, about six years and i have never seen such amount of new casinos on the market.... i dont know but at least for me that was great news.
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