Many regard Vegas as USA’s gambling capital city, but few regard Nevada the capital state of wagering. As a matter of fact, should we speak of states, it is the state of New Jersey that ought to be regarded as USA’s gambling state.
As you know, online gambling is illegal in most US states and no web site within the country is allowed to host an online casino. While the majority of US citizens shy away from online wagering, however, New Jersey citizens have been gambling freely since 2013. In fact, online gaming is so prolific that the state has generated more than $240 million in revenues in 2017.
In just six years, online wagering within the state grew from a small-scale enterprise into one of the Garden State’s most lucrative businesses. So, how did the state’s online gambling boom came to existence?
Online Betting – The Inception
Back in the dawn of 2011, Raymond Lesniak sponsored a bill that allows online betting in New Jersey. When the New Jersey Legislature passed the bill, individuals aged 21 and older could finally gamble online, but only within Atlantic City. Eventually, the bill was vetoed by Governor Chris Christie and a series of legal issues followed.
Online gambling was finally made possible in November 2013, when first legal betting sites for USA finally opened. In the beginning, players could enjoy a limited amount of games. Eventually, the number of available games increased, as did the revenues generated from online wagering.
Is Online Betting Popular?
As it is one of few states where online gambling is permitted, New Jersey is certainly considered a place where everyone gambles. Well, not everyone, according to a study, but a good 70% of New Jersey citizens admit to have gambled in the past year. According to the study, more than 19% of the participants said they use both land-based casinos in Atlantic City and online casinos, and more than 5% have said that they rely on online gambling sites exclusively.
Event though online betting is not the most popular option, it is still embraced by a good many players. According to the article on NJ.com, wagering on the web provides unparalleled convenience and accessibility throughout the day every day.
Breaking the $200 million barrier
Even though not every gambler plays online, the market is certainly profitable. As a matter of fact, the New Jersey online gaming market rose by almost one quarter last year and reached nearly a quarter billion dollars in revenues. In the past year, online betting generated a total of $245.6 million, growing with amazing 24.9%.
According to data released by the New Jersey Division of Gaming Enforcement (DGE) in January 2018, the online betting market has generated $20.75 million in December, which marked the tenth straight month in which the market generates more than $20 million. Comparing the figure with 2016 data, we see that the online gambling market has grown with nearly 13%.
But experts say this is only the beginning for the Garden State. According to some specialists, the fortunate events for New Jersey are just now beginning. The biggest success for the gambling industry this year is the new sports betting platform provided from the media giant Fox and The Stars Group.
The Industry Continues to Grow
As experts have predicted, the New Jersey online gambling market has continued its upward trend in 2019 as well, even though land-based casino gaming revenues have dipped dramatically.
While land-based casino revenues underwent significant losses in May when slot machines took a big year-on-year reduction, online gambling revenues flourished, reaching more than $22,370 million. That is not all, though. According to statistics, online wagering has not had a single month with revenues under the $20 million threshold. The weakest month, data says, is January, when the online betting market generated just over $20 million.
Online Gambling Gets Easier
Few people know, but, even though the Garden States’s online gambling market thrives, the activity itself used to be incredibly challenging for players. When it came to transaction methods, players could not utilise their credit cards. Keeping in mind that credit and debit cards are one of the most common payment methods, New Jersey online gaming sites were definitely inconvenient. So, why was it so difficult and, more importantly, how has the situation improved?
Initially, there were attempts to regulate online gambling and limit online gaming fraud as much as possible. These attempts soon caused a number of banks to refuse online gambling transactions. As a consequence, players who wanted to indulge in gambling had to go through various obstacles in order to prevent their credit/debit card payments from rejection.
Indeed, the precautions taken by banks proved to help prevent fraudulent onlie gambling. On the other hand, they impeded all players’ gaming experience – even legitimate players gambling at legal sites had to deal with the problem.
Steadily, the situation has begun to improve. The change happened in the dusk of July. Now, players can quickly and safely use their credit cards for play. Whereas not all online operators have signed a contract with banks, it is clear that online gambling within the Garden State will keep on getting easier.