Online casinos in New Jersey get the go-ahead to continue services in the state, but not for another decade, as everyone assumed.
The News:
- The Current Bill for Online Casinos in NJ Expires in November
- The New Bill Only Extends Online Casinos for 2 Years in NJ
- A Look at Concerns, which didn’t Extend the Bill by a Decade
New Jersey was the first state to legalize online casinos in 2013, making it a significant market for other states considering legalizing iGaming. Revenue figures reveal incredible growth with these online partners, even after land-based casinos reopened after the pandemic.
Of course, iGaming partners allowed the gambling industry in the state to survive during the pandemic while land-based casinos had to close their doors.
In 2013, a bill legalized online casinos for a decade, during which casinos generated over $6.2 billion in gambling revenue, accumulating nearly $1 billion in tax for the state.
While the pandemic certainly contributed to the success of the online industry, recent record-breaking monthly revenue totals show that the industry is far from reaching its peak.
The New Bill Extends NJ Casinos for 2 Years
Based on the incredible success of online casinos in the state, most are in disbelief hearing the new bill decreased the extension to just two years.
The current bill will expire in November 2023, after which the new two-year extension will allow online gambling until 2025.
It’s unclear why the new bill does not extend legal online casinos for another decade. However, there are industry executives with concerns, mainly about the higher tax of 15% compared to 8% at land-based casinos. There’s also no hiding that land-based casinos have struggled to recover post-pandemic, and the growing online industry could be the cause.