NJ Online Gambling Hits $600 Million LandmarkPublished August 22, 2017 by Elana K
New Jersey hit the momentous landmark of $600 million in revenue this July, the New Jersey Division of Gaming Enforcement reported.
New Jersey hit the momentous landmark of $600 million in revenue this July, the New Jersey Division of Gaming Enforcement reported. This is great news that may perhaps bolster New Jersey State Senator Ray Lesniak’s initiative to push for online poker player pooling, a move that could only further increase New Jersey online gambling revenue.
June 2017 was the worst month so far in online poker’s short stint in New Jersey - fortunately, July saw better numbers, with a $300,000 increase. Summertime is typically a slower time for online poker, so the few hundred thousand increase is cause for optimism.
Moreover, online poker’s jump this month can serve as good motivation for lawmakers to vote favorably on Ray Lesniak’s bill, which is scheduled to drop on August 25. The bill proposes opening up New Jersey online poker rooms to other jurisdictions in which online gambling is allowed. This could be a huge boost for online poker revenue, though there is no doubt that the bill will face obstacles.
Since online gambling was legalized in New Jersey in November 2013 (less than four years ago), the industry has generated $619.4 million, from both online casinos and poker rooms. From half a billion in revenue, state coffers thus far have reaped a hefty $108.1 million - a number not to be sneezed at.
Moreover, this month was the fifth consecutive month that online gambling raked in over $20 million, which means that from now on, anything less than $20 million will be a disappointment.
When other states consider legalizing online gambling in order to fight their budget deficits, New Jersey is the paragon to which they point.
The Golden Nugget came in at number one this July with a total that surpassed $6 million. The runner-up, Borgata, was nearly $2.5 million behind, making the Golden Nugget shine even brighter than usual.