New Jersey Online Gambling Buoyant in 2016Published April 29, 2016 by Mike P
Online gambling is thriving in New Jersey, with revenue increasing 28% between the first three months of 2015 and 2016.
New Jersey’s Division of Gaming Enforcement (DGE) has published figures to show positive growth in the state’s legal online gambling market during the first quarter of 2016. In light of the recent findings, it appears that the profile of New Jersey online gambling could rise further during the rest of the year.
28% Increase in Revenue
Between Q1 2015 and Q2 2016, there was an approximate 28% increase in online gambling revenue. Over that period, revenue increased considerably from $35.1 million to $44.9 million, prompting online gambling publisher Roger Gros to describe the state’s future as being bright.
After a slow start a couple of years back, Gros has explained that New Jersey residents are becoming familiar with how it works and what is available in the market. Moreover, the wider digital infrastructure has been improved, with technical issues addressed so that residents can make payments without barriers.
The Positives of Legalisation
The structure of the New Jersey market is one that only allows physical casinos to hold online gambling licences. Ultimately, this has had positive results in seeing casinos that fell back on their innovative efforts to partner with award-winning software developers that have inspired them to start trying again.
Another positive reason from legalisation is that the new online revenue streams have allowed for some land-based casinos to remain operational and start breaking even in a difficult economic climate.
As a result, many staff members at those casinos have been able to keep their jobs. New Jersey wisely created an industry where external operators had to partner with existing casinos in the land-based industry.
Given the positive stories from legalisation and that technical issues are now less common, New Jersey might be able to expect more growth for the rest of 2016. And, if there is, some other US states might reconsider their legalisation stance in light of New Jersey’s success.