According to the leading analysts in the industry, New Jersey’s legal online casinos surpassed a $700 million in lifetime revenue since legalization in 2013. With the growth predicted ahead, New Jersey could see lifetime revenue hit the $1 billion bar until the end of next year.
According to the New Jersey Division of Gaming Enforcement’s Monthly Internet Gross Revenue Report, the state’s regulated online casinos combined to generate $20.6 million in November which is 20% higher than the revenue in November 2016 which was $17.2 million.
November is the ninth consecutive month with more than $20 million in gross revenue. This years’ revenue of $224.85 so far is way beyond the 2016 record of $186.7 million and over 100% more than the $123 million industry generated in 2014.
Since New Jersey legalized and regulated online gambling market, the state has realized $122.8 million in tax revenue. New Jersey online casinos paid $3.6 million in taxes in November pushing the collection to $39.3 million for the year 2017.
Online casino games generated $18.8 million in November and with the total of $202.5 million for 2017, these games generated lifetime revenue of $596.04 million. Online poker brought $1.8 million last month and reached the $22.3 million for 2017 which is $104.9 million in lifetime revenue.
November definitely pushed the state’s online gaming industry towards record annual tallies.
With the predictions for super-sized growth in 2018, lifetime revenue can easily reach $1 billion and player pooling could be a key driver of growth in the market’s fifth year.
New Jersey is already in the process of linking up with Nevada and Delaware and also exploring even more liquidity sharing options with Pennsylvania and international markets.
It is now predicted that, the entrance of new brands and new products like live dealer casino games and virtual sports, will only increase the importance of online gambling as much as revenue.
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