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How Online Gambling Has Benefited New Jersey’s Economy

Personal_Finance / Gambling May 02, 2019 - 03:37 PM GMT

By: Boris_Dzhingarov

Personal_Finance Gambling and betting revenue in New Jersey has been on a steady rise for years. New Jersey’s economy, in general, has been successful in recent years, with industries like pharmaceuticals, manufacturing, and transportation and logistics being some of the biggest contributors to the state’s recent economic success. However, since its advent in 2013, online gambling has been just as important; as the industry was an instant success and the state’s economy has been one of the biggest beneficiaries.


New Jersey’s online gambling industry was only legalized six years ago, with the industry experiencing an incredible spike in growth and interest since then. According to statistics by NJgames, there has been a 306% increase in tax generation over the last five years, as $4,354,895 was generated in December 2018, compared to $1,420,102 in January 2014.

Traditional land-based casinos have also played their part in raising revenue for the state, with billions made in gambling tourism revenue, but as strong as traditional gaming numbers have been, it simply can’t compare with the growth of the online market in the few years since its inception. It took just under 3 ½ years for the state to reach the $100 million mark in total tax revenue received from New Jersey online gambling sites, with that landmark being surpassed in May 2017 which represents one of the quickest online gambling markets to reach that milestone nationwide, and the industry successfully reached and exceeded $150 million just a year later.


These numbers have represented a revival of sorts for New Jersey and Atlantic City in particular which was in the midst of an economic downswing from 2006 through early 2013. Online gambling has greatly aided the city’s economic comeback and has also been beneficial to New Jersey as a whole. Casino revenues aren’t the only impact that online gambling has made on NJ, as over 4,000 full-time jobs have been added since NJ online gaming launched in late 2013 and over $300 million has since gone to employees in wages as a direct or indirect result of NJ’s online gaming industry.

By Boris Dzhingarov

© 2019 Copyright Boris Dzhingarov - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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