According to CBS Philly, New Jersey lawmakers intend to expand their international online gambling industry to increase their tax revenues. No doubt, this will afford gamblers a better chance to explore new games and win more.
During the Betting on Sports America online conference, lawmakers and gambling executives agreed regarding the possibility of earning new revenue from online gambling. Some lawmakers who spoke to the press said that the COVID-19 pandemic had created a vacuum in the state’s budget. Therefore, to recover quickly, new measures must be adopted to earn revenue.
Let’s check out how the state of New Jersey intends to achieve this feat.
Current New Jersey Laws Regarding Online Gambling
Online gambling in New Jersey was legalized about 7 years ago, precisely on the 26th of February 2013. The lawmakers in New Jersey passed the A2578 bill to legalize online gambling within its borders. Meanwhile, the law stipulated rules such as:
Only players that are 21 years old are permitted to gamble with real money
You must physically reside in New Jersey to play
A player must not be a New Jersey resident to play
Gamblers are allowed to create and fund their account from anywhere but must be within the borders of New Jersey to play
Also, the games you can play online in New Jersey are:
Impact of COVID-19 on New Jersey Gambling Industry
Just like other states, New Jersey suffered a lot of sets back because of the COVID-19 pandemic. For instance, most of their land-based casinos were locked up too. However, like some states that have legalized online gambling, New Jersey didn’t suffer so much setback in their gambling space, according to Andrew Winchell. Andrew is the executive director of government relations for FanDuel. He stated this during the Betting On Sports America online conference.
In New Jersey, all the online gambling sites were still operational during the lockdown. So the state earned some revenue from gambling while the lockdown persisted.
More so, gamblers in New Jersey took advantage of the pandemic to explore online gambling. A lot of gamblers that would have visited land-based casinos switched to online gambling. Although online gambling was operational, the state still experienced a decline in its revenue. No wonder New Jersey lawmakers are looking to expand the online gambling industry in the state to earn more tax revenues.
Online Sports Betting in New Jersey
Based on the deficits experienced in the state budget, it appears that lawmakers are pushing to expand online sports betting in New Jersey. Currently, online sports betting is legal in New Jersey. However, lawmakers are looking to introduce laws that will broaden online sports betting operations to increase the state’s revenue.
For instance, in October, the state gross gaming revenue from sports betting was more than $800 million. This is the highest compared to other states that have legalized online sports betting. Although it may seem like a milestone, New Jersey lawmakers are not sitting on their owls.
Legislators in New York are also pushing to legalize online sports betting. So, it doesn’t seem like New Jersey is the only state trying to cash in on the eagerness of fans for online sports betting.
The Online Gambling Industry in the Neighboring States
Like New Jersey, other states are amending their laws to legalize online casino and sports betting. For instance, recently, Dakota and other parishes in Louisiana have authorized sports betting. Also, Virginia has approved casino gambling and horse racing.
Other states like Colorado also increased the types of casino games that can be played in the state. Meanwhile, they also reduced the wagering limits in some gaming categories. However, the state of Texas and Mississippi are gearing up to approve sports betting.
According to Adam Greenblatt, the need to adopt sports betting by some states came as a surprise. Greenblatt is the CEO of BetMGM. He believes more states will follow suit.
The Prospects of the Online Gambling Industry in New Jersey
New Jersey’s online gambling space is warm and inviting to investors and gamblers. The current trend shows that the state will earn more revenue. Also, the aim to expand its gambling industry will certainly go a long way to offset the state’s budget deficit.
Finally, it appears that the successes made by New Jersey in other areas of online gambling have inspired more states to embrace this industry. To sum it up, some analysts believe that 2021 will be a better year for online gambling in New Jersey.