New Jersey iGaming Projections for 2024

New Jersey, as one of the most liberal US federal states, gambling legislation-wise, has been on a winning streak in terms of casino revenue. Ever since 2013, when they held a referendum on online betting and the New Jerseyans voted ‘yay’, the impact of iGaming on the local economy has been growing.

Let’s now have a look at the major revenue projections for NJ-based casinos and the entire gambling industry in 2024.

New Jersey is one of the six states that have made online gambling and betting legal – the other five being Delaware, Pennsylvania, Connecticut, Michigan, and West Virginia. In these communities, the state and local governments collect a significant amount of taxes from this field.

A variety of iGaming options for the citizens of these six states adds to the quality of the offer.

For instance, with more than thirty online casinos registered in New Jersey, bettors and gamblers choose from a plethora of possibilities. From wagering on worldwide sporting events to online card rooms, both registered and anonymous iGamers can find their favorite content. Anonymous casinos are especially entertaining because of the no-strings-attached approach – instead of the time-wasting verification process, the registration procedure is simplified, at players’ contentment (source: https://www.basketballinsiders.com/online-casinos/anonymous/). It’s not surprising that sports waging generated more than $1 billion after taxes and all the expenses were paid. This revenue was derived from the total of $12 billion that players spent on sports betting in New Jersey in 2023.

When talking about wagering in the Garden State, we must underline that Atlantic City is still the regional center of such entertainment. It’s still the second US gambling mecca, right after Las Vegas.

In Atlantic City, there are nine legal brick-and-mortar casinos that offer both in-person and online games for every pocket. What’s interesting is that only three of those casinos had more in-person players in 2023 than in 2019. The other six gambling parlors had a successful year altogether but experienced fewer visits than in the last year before the outbreak of COVID-19. Also, those three venues – Hard Rock, Ocean, and Borgata – have been opened recently, meaning that their work isn’t comparable with the pre-2020 period. While all nine casinos, as a whole, managed to exceed the $2.8 billion revenue from in-person gambling, reached in 2019, the largest portion of this income goes to the three new places. So, in 2023, the in-person casino earnings in NJ set an annual record, and online gambling went beyond 2022 – which was a record-breaking year – by 15%.

Since the adoption of the Casino Control Act in 1977, Atlantic City has positioned itself as an entertainment and gambling hub on the East Coast. The local authorities decided back then that this coast needed such a place, as a counterpart to Las Vegas. Even though this decision has brought some controversies over the last four and a half decades, there are numerous benefits for the entire state. More than 27 million visitors come to Atlantic City every year, to try their luck, enjoy the ambiance of joy and relaxation, and see the famous Boardwalk. This inflow of people, energy, and assets is mostly based on the iGaming industry and its rich offer. It’s a spark that ignites the launch of businesses in other fields, from the hospitality industry to security-related jobs, to cleaning services, and much more.

The local government is more than satisfied with the taxes they collect on all these services – no wonder they’ve recently adopted a bill that provides a salary raise for all the members of the New Jersey legislature.

These earnings are also the basis for future investments in the local community, the further development of the iGaming sector, and a positive economic perspective of the entire State of New Jersey.

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