2015 is Looking Good for NJ Gambling RevenuePublished September 5, 2015 by Elana K
Analysts predict that New Jersey online gambling will see a 25% increase in revenue fro 2014.
When New Jersey launched its online gambling initiative in November 2013, analysts predicted huge amounts of revenue for the ambitious state. And yet, the numbers from 2014 were disappointing, with many questioning whether New Jersey would ever see the amount of online gaming revenue it had originally foreseen.
Now, as we near the second anniversary of New Jersey’s regulated online gambling, analysts are predicting a 25% revenue increase from 2014, to the tune of $150 million at the end of 2015.
Why the sudden, or not-so-sudden, increase?
First of all, payments processing, which had a lot of kinks to work out in 2014, is continuously being improved upon, which will make online gambling much more accessible and pleasant. Secondly, New Jersey is continuing to improve the quality and variety of online casino offerings and reward programs, which is attracting more players.
Online Casinos' Continued Growth
Just as encouraging as increased revenue is the increase in the number of new accounts being created for online gambling in New Jersey, which means that more new players are joining the ranks of New Jersey’s online casinos.
Online Poker is a Different Story
While the revenue from online gambling as a whole in New Jersey is increasing, the revenue from online poker has been steadily decreasing. In January 2014, online poker revenue hit its peak at $3.4 million; since then, it’s been on a downward spiral, ending somewhere around $2 million in July 2015.
Will Online Poker Keep on Plummeting?
It’s difficult to say. New Jersey hopefuls thought that the excitement from the World Series of Poker last month would trickle down to New Jersey, but it didn't. Other hopefuls think that the upcoming entry of new brands into the New Jersey market might give the overall online poker initiative a boost, but analysts tend to think that it will be temporary, and that the industry will eventually stabilize at around $2 million.