New Jersey Online Casinos Performing Well after Legalization

New JerseyIt has been almost 5 years since gambling has become legal in New Jersey by Governor Chris Christie.

New Jersey becomes the 3rd state of the USA where gambling is legalized and it has created an extra source of revenue for Garden State and it has certainly boosted the gambling industry.

iGaming Gets Off to Weak Start in New Jersey

The online gambling experience in New Jersey set off with the launch of 7 online casinos and 6 poker sites on November 21, 2013.

According to the experts, they had very high hopes from the online gambling industry of New Jersey but their hopes are not met. It is so because only $10.7 million revenues were generated during the first year.

The overall state of economy and market sluggishness is very disheartening and it has compelled the game analysts to revise their estimates for the gambling industry. In order to change the course of the gambling industry, New Jersey Division of Gaming Enforcement and iGaming operators had to overcome a lot of obstacles.

Fox Business

The first and biggest problem New Jersey had to experience was the implementation of geolocation service. This service helps in making sure that players from the same state are playing. The second obstacle was sorting out Know Your Customer and Anti Money Laundering procedures.

The rigorous KYC included submission of identity proof, physical address and ownership of financial instruments. Players need not have to undergo stringent regulations and iGaming did their best to make the process simple and transparent. The land-based casino operators were quite anxious that iGaming operators would consume all their profits and had a very bad reputation even before they started.

iGaming Now Boosting Total Gaming Revenue

It is interesting to note that the gambling industry of New Jersey has started to turn around for good. By the end of 2016, online revenues got stable and showed signs of increase. The online casinos in 2017 were instrumental in generating 10% of overall casino revenues of New Jersey.

Also, 3375 new jobs and $124 million in tax revenue were generated. Land-based casinos finally realized that iGaming operators are no longer any threat to them.

The online poker market of New Jersey is likely to receive a boost because of intrastate agreement that New Jersey, Delaware and Nevada signed at the end of 2017. All these 3 markets will combine their player pools and look to boost the overall online poker revenue.

The online gambling industry of New Jersey is finally improving and it is likely that things would get better in the coming years especially if the state is able to procure the PASPA sports betting law.

Jay Stevens

Jay Stevens

Hi, my name is Adam Jay Stevens. Welcome to Top10-CasinoSites. Explore the online casino world with my site.

Related Articles

Authorities in Vietnam Uncovers Massive Online Gambling Ring

In an ongoing crackdown on illegal betting in the country, the Vietnamese authority has uncovered a major online gambling ring.

Hotel Okura to Open a Hotel in Resorts World Manila in 2018

Hotel Okura which is known as one of the largest and most successful hotel chains in Japan is in the

Eldorado Resorts Buys Tropicana Entertainment for $1.85 Bn

Recently the multi-billionaire Carl Icahn has decided to sell his casino operator Tropicana Entertainment for a whopping sum of $1.85

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment