New jersey's online betting gamble has paid off with $7 billion in revenue in ten years

New Jersey’s Online Betting Gamble Has Paid Off with $7 Billion in Revenue in Ten Years

by
November 23, 2023

As New Jersey’s online casinos mark their 10th anniversary, their success story transcends simple narratives. Oddsseeker.com’s analysis highlights the remarkable achievements of this sector, a standout in the US gaming industry.

In October 2023, NJ online casinos celebrated a historic milestone, amassing $7 billion in gross gaming revenue and contributing over $1 billion in taxes. This achievement was crucial in supporting Atlantic City casinos during the pandemic and economic downturns.

The journey began on February 26, 2013, when former Governor Chris Christie signed Senate Bill 1565 into law. The Division of Gaming Enforcement (DGE) established regulations by October, and on November 26, 2013, NJ launched legal online casino gambling. This move led to over 126,000 user accounts created in the first year.

The State of New Jersey has been a primary beneficiary, collecting over $1.45 billion in taxes from online casino revenue at a 15% rate since 2013. These funds have significantly supported senior and disabled citizens.

Tax revenue from online gambling has shown remarkable growth. Starting with $1.26 million in 2013, it escalated to around $18.4 million in 2014, over $22.3 million in 2015, and reached record highs of $205.2 million in 2021 and $250 million in 2022.

Online casinos have been a boon for operators, offering profitability without the overhead of physical establishments. From a modest $131.2 million in the first 14 months, monthly revenues crossed $100 million in January 2021. In 2023, they consistently exceeded $140 million, with a record $166.8 million in October.

Chris Quigley

Chris Quigley

Chris Quigley is a Staff Writer and Community News Correspondent for Shore News Network, where she covers local government, public safety, community affairs, politics, and issues impacting residents throughout New Jersey. Her reporting focuses on delivering timely, accurate, and relevant news that helps readers stay informed about the communities in which they live and work.

As a member of the Shore News Network editorial team, Quigley works closely with public officials, community leaders, first responders, and local organizations to provide factual coverage of breaking news, municipal government, public policy, and events affecting New Jersey residents. Her work highlights both major developments and the local stories that shape communities across the state.

Quigley is committed to responsible journalism, emphasizing accuracy, source verification, and transparency in every story she reports. She strives to present information in a clear and accessible manner, helping readers better understand the issues, decisions, and events that impact their daily lives.

Through her work at Shore News Network, Chris Quigley contributes to the organization's mission of providing trusted local news coverage, accountability reporting, and community-focused journalism throughout New Jersey.

Chris Quigley is a graduate of Stockton State University and began her career at IN Jersey, the online news and media branch of the Asbury Park Press. She also worked at Monmouth Internet, the Ocean Signal Newspaper, and JTOWN Magazine during her career in both content management and operations.

Degrees: Business B.A. - Stockton University

Experience and interests: Criminal Justice, Business, Animal Care, Entertainment, Lottery News, Local News