New Jersey's Online Gambling Industry Achieves Record-Breaking Result
New Jersey’s legal online casinos demonstrated excellent performance during October, exceeding $200 million in gross gaming revenue.
This is an important milestone for the Garden State since the industry managed to break the previous annual record two months before the end of the year!
According to Steve Ruddock, PlayNJ.com analyst, these results indicate that the online gambling industry’s momentum will further to build in the following months.
Ruddock said the impressive achievement of surpassing 2016’s revenue at the end of October was the clearest signal that demand online gambling products had not peaked.
Generated revenue in October was at $20.6 million, which is the eighth consecutive month this year the earnings were over $20 million. In total, from the beginning of the year to October 31, the state recorded gross gaming revenue of $204.2 million, almost $8 million dollars more than the last year’s record.
New Jersey legalized online gambling back in 2013 and has since earned $682.6 million in revenue. The state took home $119.4 million through taxation, with $3.6 million collected during October.
Pennsylvania – a Fresh Face in the Market
Online gambling is becoming more and popular, with Pennsylvania recently becoming the fourth U.S state to legalize and regulate online gambling, joining New Jersey, Delaware, and Nevada. It’s expected that Pennsylvania soon signs an agreement with the other three states to share player pools for online poker and casino game.
Ruddock said more growth seemed likely, especially since additional 26 million U.S. residents would have access to legal online gaming sites. He added he was sure the rising tide would positively affect all states where online gambling was legal.
He stated the interstate agreement between Nevada, Delaware, and New Jersey would definitely stabilize the online market in these states, while the addition of Pennsylvania would double the size of the U.S. online poker market by 2019.