New Jersey's Online Betting Gamble Has Paid Off with $7 Billion in Revenue in Ten Years
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As New Jersey’s online casinos mark their 10th anniversary, their success story transcends simple narratives. Oddsseeker.com’s analysis highlights the remarkable achievements of this sector, a standout in the US gaming industry.
In October 2023, NJ online casinos celebrated a historic milestone, amassing $7 billion in gross gaming revenue and contributing over $1 billion in taxes. This achievement was crucial in supporting Atlantic City casinos during the pandemic and economic downturns.
The journey began on February 26, 2013, when former Governor Chris Christie signed Senate Bill 1565 into law. The Division of Gaming Enforcement (DGE) established regulations by October, and on November 26, 2013, NJ launched legal online casino gambling. This move led to over 126,000 user accounts created in the first year.
The State of New Jersey has been a primary beneficiary, collecting over $1.45 billion in taxes from online casino revenue at a 15% rate since 2013. These funds have significantly supported senior and disabled citizens.
Tax revenue from online gambling has shown remarkable growth. Starting with $1.26 million in 2013, it escalated to around $18.4 million in 2014, over $22.3 million in 2015, and reached record highs of $205.2 million in 2021 and $250 million in 2022.
Online casinos have been a boon for operators, offering profitability without the overhead of physical establishments. From a modest $131.2 million in the first 14 months, monthly revenues crossed $100 million in January 2021. In 2023, they consistently exceeded $140 million, with a record $166.8 million in October.
