New Jersey Set To Extend Online Casino Through 2028
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After a week of back and forth, the New Jersey legislature sent a bill Friday to Gov. Phil Murphy’s desk to extend internet gaming another five years.
The original bill was set to extend iGaming for 10 years, through 2033. But early last week, an Assembly committee cut the 10-year window to two years. This was done without public comment, and there was an immediate backlash from the casinos and trade groups.
As a result, less than 48 hours later, the bill was amended to extend iCasino — which was legalized in 2013 — for another five years.
“The Chamber of Commerce Southern New Jersey (CCSNJ) is incredibly pleased that the General Assembly shifted away from a drastic and unexpected two-year internet gaming reauthorization window to a more reasonable five-year reauthorization through 2028,” read a statement from Christina M. Renna, president & CEO of the CCSNJ. “It is the element of certainty through 2028 that will lead to continued industry success by way of strong revenue collections, benefiting both the state of New Jersey, as well as Atlantic City’s casinos.”
Why the push and pull?
While no reasons have been given by legislators as to why there was so much movement in the timeline last week, an Associated Press report surmised the legislature could be angling for “potential leverage over the city in terms of possibly raising the amount of gambling taxes collected by the state in the future.”
The original 10-year period for online casinos to operate legally in New Jersey will come to a close in November. Online casino has been a huge moneymaker for the state, with almost $250 million in taxes collected in 2022. That number has been steadily growing since launch 10 years ago and shows little sign of abating, with tax collection up more than $100 million since 2020.
