New Jersey Online Casino Industry: 4 Years On
The online casino industry is flourishing around the world, but the situation in the USA has been troublesome. Complex legislative policies have made it more difficult for financial transactions to take place in the context of online gaming and regulation has been left in the hands of each state. Now, four years after the legalization of online casinos in New Jersey, the industry has grown and developed into a multi-million-dollar affair.
Is online gambling legal in the USA?
There are only three states in the USA in which online gambling is completely legal. They are Delaware, Nevada and New Jersey. However, several other states have legislation pending that could lead to legalization in the future. In New Jersey, online poker and casino games were legalized in November 2013, allowing players in the state to wager against each other on certain regulation sites.
Results of the Legalisation in New Jersey
Four years on, and the economic benefits are starting to show. Between November 2013 and October 2017, the online gaming industry raised $682.6 million in revenue, according to figures by PlayNJ.com. Of this, around $577.96 million came from online casinos, which is a massive 85% of the money generated. A further $103.1 million came from online poker.
The economic benefits of the legalization in New Jersey four years ago are obvious, and those living in the state may be happy to find out that the industry has raised $119.3 million in taxes. The players in the state also benefit from being able to play on legitimate sites that offer high levels of privacy and security, as well as a wide selection of games available at various stakes. Legit sites are safer to play on and offer responsible gaming policies.
Will the growth continue?
The online gaming industry is already large in New Jersey, but it’s looking like it will gain more traction in the coming years. Although the total revenue raised in 2016 was $196.7 million, projections for 2017 show totals of around $248 million, a significant growth from the previous year.
Even more growth is expected throughout 2018, largely because online casinos show no sign of slowing down, with legitimate sites like 888 Casino offering the best welcome bonuses and first deposit bonuses to get players interested.
Online live casino games will also attract new players and keep existing clientele interested as they offer players the chance to enjoy human dealers who run the game from studios or casinos, giving the interactive elements of the land-based experience from the comfort of their home.
Another recent development is the interstate agreement, which will allow poker players in New Jersey to play against others in the states of Delaware and Nevada. This will make for larger and more readily available games and bigger and more exhilarating prize pools. If online gaming becomes legal in other states, they may be able to reach similar terms, expanding the market in the USA.
Gambling in the U.S. has long been an issue for people who live in most states, but in New Jersey and a select few others, the situation has changed. Following legalization, online gaming has generated large amounts of revenue and tax dollars for the state, and players have been able to enjoy legitimate sites where games are safer. Will more states in the U.S. follow the model and see the benefits? We will have to see what 2018 brings.