New Jersey's iGaming Industry Set for 10-Year Boost with Extension of Legislation
LISTEN TO THIS ARTICLE:New Jersey's online casino gambling industry is set to receive a significant boost with the expected extension of iGaming legislation for another 10 years.
Currently, New Jersey law requires iGaming operators to affiliate with a land-based casino in the jurisdiction to legally operate. The legalization of iGaming in New Jersey dates back to 2013 when it was approved by former Governor Chris Christie for a 10-year period, with its renewal scheduled for November this year.
The initial decision to legalize iGaming was driven by the economic struggles faced by the land-based casino industry following the 2007-2009 recession, as well as increasing competition from neighboring states such as New York and Pennsylvania, where iGaming had already been regulated.
Live casinos online in New Jersey began operating in November 2013, followed closely by the launch of online poker rooms. The recently signed renewal legislation by the State Assembly Committee is now awaiting review by the Senate, with Governor Phil Murphy expected to sign off on the law by the end of this month.
The requirement for affiliation with land-based casinos in New Jersey will continue under the proposed renewal legislation. This requirement is seen as a crucial aspect in maintaining a well-regulated online gambling industry in the state. The renewal of the legislation must be adopted before the November 2023 deadline to ensure uninterrupted online casino gambling in New Jersey until 2033.
Tax revenues from iGaming in New Jersey have consistently shown a healthy growth pattern, particularly in recent years. The iGaming sector has become an important source of revenue for the state, with budget documents indicating that it currently generates over $250 million per year. These tax funds are held in the Casino Revenue Fund, further bolstering the state's financial resources.
New Jersey's iGaming market has become one of the most successful in the United States, with the state ranking 11th in terms of population. In 2022, the iGaming sector recorded an impressive $1.66 billion in revenue, with an additional $27.4 million generated from online peer-to-peer poker. Sports betting, another popular form of online gambling in the state, contributed significantly, with $763 million in revenue.
The success of New Jersey's online gambling market can be attributed to its well-regulated environment. The New Jersey Division of Gaming Enforcement ensures responsible gaming practices are observed, and the jurisdiction consistently updates its measures to keep up with advancements in emerging technologies.
The extension of iGaming legislation in New Jersey is a positive development for the state's online gambling sector. With a mature market and substantial tax revenues, New Jersey continues to position itself as a leader in the iGaming industry, providing a responsible and regulated environment for players and operators alike.
More Regulation News
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for New Jersey's iGaming Industry Set for 10-Year Boost with Extension of Legislation