New-Jersey-Online-Gambling-Market-Analysis

New Jersey Online Gambling Market Analysis

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Most Americans know Nevada and New Jersey are the country’s two major gambling hubs. The Garden State is the second most active card/sports/casino area in the United States of America. Such pastimes have a long legacy in the most densely populated region in the US and its fifth-smallest land area state. Lotteries have a long history in New Jersey until they got banned in 1844, and the same applies to horse racing, which faced its ban in 1897 when the state decided to forbid all forms of gambling.

However, in the 20th century, New Jersians slowly started to warm up to the idea of re-legalizing betting fun, and racetrack gambling was again allowed in 1939. Social games of chance were permitted in 1953. And in 1974, New Jersey voted for regulated casino gaming statewide. Almost fifty years later, following a fresh DOJ interpretation of the 1961 Wire Act that stated this law does not apply to gaming fun, in 2013, a revised bill for Internet gambling got pushed into law by then-governor Chris Christie, which made online casinos a reality in New Jersey. In late 2018, Assembly Bill 4111 was signed by Governor Phil Murphy, legalizing betting at racetracks and casinos within the state’s borders, and quickly after, online bets were accepted.

Twenty-three Internet sportsbooks, licensed by the state’s Division of Gaming Enforcement, operate in New Jersey. There are thirty-one NJ online casinos and seven digital poker rooms. Below, we supply a quick analysis of the New Jersey online gambling markets that hit record revenues of $5.8 billion in 2023, a jump of 11% compared to the year prior.

New Jersey Online Casinos

It should be noted that only six US states allow Internet gaming, or they offer their residents to test their luck on games of chance online at sites regulated by their state’s gambling regulators. The number will quickly rise to seven once Rhode Island begins allowing this practice in 2024 through a law that has already been passed. From this list, which included Pennsylvania, Michigan, Delaware, West Virginia, Connecticut, and New Jersey, the latter was the first to allow this activity, doing so in 2013, as cited above.

Without question, New Jersey is the most active interactive gaming market in the US. Since this gaming market section launched, it has generated one billion dollars in total revenues and $7.4 billion overall revenue-wise. Going by the publicly available data or info supplied by the DGE, the top New Jersey online casinos are Golden Nugget Atlantic City, Borgata, and Resorts Atlantic City. In the last month of 2023, Golden Nugget Atlantic City generated revenues of $52 million, Resorts Digital pulled in $46 million, and Borgata raked in $40 million.

New Jersey Online Sports Betting

As noted above, in June 2018, sports betting kicked off in New Jersey, with Monmouth Park becoming the first to open its wagering windows. So far, over $45 billion have been bet in New Jersey on sports. That is the sportsbook handle since the NJ 2018 betting launch, which has generated $3.3 billion in betting revenues, bringing in $426 million in the state’s tax coffers. Those are retail and mobile numbers.

In the digital sector, FanDuel, PointsBet, and SuperBook, all operating under a Meadowlands license, have raked in the most revenues, a total of $1.57 billion since 2018. DraftKings, FOX Bet, and Resorts Digital, under Resorts Atlantic City’s regulatory approval, are in second place, as this trio is responsible for $838 million in revenues to date.

New Jersey Online Poker

From 2013 till today, online poker companies running operations in New Jersey have generated around $2 million annually in annual revenues. That comes to a recorded total of $270 million. WSOP/888, under a Caesars’ umbrella and license, has been up and running in the Garden State for over a decade and listing lifetime NJ revenues of above $105 million, almost ten more than Borgata-licensed digital poker rooms (PartyPoker, Borgata, and Pala).

New Jersey Land-Based Gambling

Similar to the online arena, the brick-and-mortar one is also doing well. This section of the industry in the state notched a 1.9% increase from October 2022 to October 2023, to a total of $2.4 in recorded revenues, with slot games showing the highest jump, one of 2.4%, with reel-spinning revenues reaching $1.78 billion in the same ten months cited above.

Parting Thought

With over a decade of activity, the online gambling industry in New Jersey has boomed and is likely to keep booming. Internet poker is its least money-generating section, with iGaming showing the highest level of interest from New Jerseyans. Nevertheless, many expect that remote sports betting will post similar figures to the ones that online casinos notch in the years to come.

FAQs

When did online gambling become a reality in New Jersey?

Online casinos and poker were legalized in 2013.

Is online gambling doing well in New Jersey?

Yes, in 2023, this sector reported $5.8 billion in revenues.

What are the top NJ online gambling brands?

They are the Golden Nugget, Borgata, and Resorts Atlantic City

Also Read: Decoding the Blueprint: Key Elements for Running a Successful Crypto Casino Business

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West has been driving the business world owing to its developed economies. The leading part of the world is straining to sustain its dominance. However, the other parts of the world, especially Asia Pacific region have been displaying escalating growth in terms of business and technological advancements.

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