New Jersey Online Gambling Revenue Matched a Record in 2022
Gambling in the US has a long and challenging history of becoming legal. The federal government has left the gambling regulation up to the states. New Jersey is among the few states where gambling can operate legally only within the state. Since then, the sportsbook and gambling industry has grown and made strides. There are many casinos based in Atlantic City where players can check their luck, get enjoyment, and win.
The New Jersey Casino Control Commission and the New Jersey Division of Gaming Enforcement have regulated every activity related to online casino gambling and sports betting. Casino operators and partners must pay New Jersey gambling taxes and contribute to the state’s well-being.
According to the report, N.J. casinos, sportsbooks, and internet gambling, operators paid more than $526 million in taxes in 2022. Online gaming and betting revenue reached $5.2 billion in 2022. This review unleashes the New Jersey gaming and betting revenue outcomes in detail.
New Jersey Casino Gambling Revenue
Land-based casino operators in New Jersey started to perform legally when the local government issued a law permitting it in 1977. But the law states legal casino gambling only in Atlantic City. Today, NJ counts nine casino resorts established. New Jersey has undergone ups and downs in streamlining the industry and keeping its reputation. However, challenges on the way only added a magic push to move forward and succeed in profit. According to the NJ DGE revenue report, the New Jersey casino gaming revenue was $215.6 million for December 2022. It identifies a 1.8% increase compared to $211.8 million for December 2021.
New Jersey Online Gaming Revenue
Online gaming in NJ started its way in 2013, and now bet365 boosts new customer offers in NJ Market: NJ gambling revenue has significantly increased in numbers, and new launches of online casino operators have shown up.
Along with fast-growing innovations, New Jersey’s online casino revenue has reached a record level. The online casinos and their partners reported that the internet gaming win reached $151.5 million. This underlines a growth of 13.7% in comparison with $133.2 million for the previous period.
New Jersey Sports Betting Revenue
After online gambling was legalized in NJ, sports wagering gained the force to operate five years later. This industry continues to grow by encompassing other US states, yet the New Jersey sports betting market remains one of the strongest. The sports betting revenue was $87.7 million for December 2022. It shows a 48.5% leapfrog compared to $59 in 2021.
New Jersey Gambling Revenue Rises by 15% to $487.4 Million in March 2023
New Jersey’s gambling industry continues to thrive, as the state experienced a 15% year-on-year increase in revenue for March, reaching $487.4 million. With growth across almost all market segments, the state’s Division of Gaming Enforcement reports a promising outlook for the industry. The rise in both land-based casino and online gaming revenues showcases the strength and diversity of New Jersey’s gambling market.
With the right to regulate online casinos and sports bets within NJ, the local authorities take all measures to keep it in control. Considering the extreme growth and expansion of the market, gambling has become an excellent means of income to add to the local treasury. With this in mind, the local government allocates the New Jersey casino revenue to enhance New Jersey’s economy and deliver the best solutions to residents.