Earlier this week, lawmakers in Trenton pushed forward with a new bill to keep online casinos legal in New Jersey for another decade.
- New Online Casino Bill for New Jersey
- Growth of Online Casinos in the State
- Green Light for Online Casinos in NJ Till 2033
New Jersey was the first American state to tax and regulate online casinos in 2013. The bill permitted residents and visitors to join and legally play casino games, which expires in November of this year.
If a new bill is not signed and agreed upon, online casinos will no longer be allowed in New Jersey. However, significant revenue figures provide massive tax contributions as casinos grow faster than land-based establishments.
In March 2023, online gambling in the state set a new record high, exceeding the $160 million mark for the first time. Online casinos have generated $6,123,908,926 since 2013, accumulating $1,065,283,455 in tax revenue.
Online Casino Revenue Grow Continues Post Pandemic
The lockdown and closure of land-based casinos during the COVID-19 pandemic significantly boosted the online industry. While most expected the figures to settle after the pandemic, a constant growth pattern shows online casinos have become preferred.
Year-to-year figures show a steady incline long after land-based casinos in Atlantic City have reopened their doors. By April 2023, revenue figures reveal growth of over 13% compared to the same period of last year.
In 2022, the NJ online casino industry set multiple records, once again revealing impressive growth compared to the previous year.
Another decade of online casinos might harm the land-based casino industry in the state, especially as threats of smoking bans and land-based casinos in New York approach.
A Green Light on the Cards for NJ Online Casino Bill
The bill to extend legal online casinos in the state is in progress but still needs the approval of the Assembly and the Senate. After that, it requires the permission of Governor Phil Murphy, who already agreed to sign earlier this year.
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