Will 2019 Be Just As Successful for iGaming in New Jersey?
Summary: 2018 was a profitable year for New Jersey as the online gambling industry soared to new heights. Will 2019 be just as profitable?
Since 2013, New Jersey has been one of three states to offer online gambling options. Providing both online casino and poker games, the state quickly took the top spot as the number one earner in the US within the industry and continues to set new records time and time again. 2018 was a great year for the state as the gambling industry continued to reach new milestones. The progress of the state has many wondering if 2019 will be the same or if the state will start to see a decrease in overall earnings and participation.
A Hugely Successful Year
Last year was very successful in regard to online gambling as a whole. Many records were set and new products provided to players. The industry continued to grow, with no signs of slowing down. Many felt that with the introduction of two new casinos, the Hard Rock and Ocean Resort, could result in saturation. However, that has not been the case.
In 2018, the online casino and poker sites of the state were able to generate close to $300m. This is an amazing number and over 21% more than what was earned in 2017. For the past three years, the industry has continued to see an increase in year over year earnings, but that percentage is decreasing. All the while, the industry has remained consistent. Over the years, the industry has never seen a year over year decline. This is an amazing accomplishment and something that state should be proud of.
Enter Sports Betting
Last year, when the United States Supreme Court ruled that the Professional and Amateur Sports Protection Act was invalid, it opened up states to legalize sports betting if they so choose. New Jersey led the way with their lawsuit involving PASPA and were among the first to offer sports betting. The state now offers land-based and online options, so this brings even more revenues to both sectors.
With online sports betting, there was worry that the option might cause the casino or poker numbers to dwindle. However, that has not been the state. The competition has not been there, yet the sports betting activity has been successful for the state.
Surprisingly, with the launch of sports betting, online casino numbers have actually increased. Within the past few months, the revenues numbers for online casino gaming have increased. It seems that players are taking part in casino games as well as making sports bets.
With sports betting, the type of player taking part will vary. There are sports fans who do not gamble at casinos but want to place a wager on their favorite team. With online sports betting in New Jersey, the option allows such players to take part but they are also introduced to casino gaming. Those who might not typically log on at an online casino might take part, if they see the option via a sportsbook.
For 2019, more success is expected for online gambling as a whole in New Jersey. More sportsbook tsar set to start offering online services. Existing online offerings are believed to be adding casino products, which will only help to further increase earnings for online gaming in the state. For now, it is unclear as to just how much will be added to the online gambling market. However, New Jersey is showing no signs of slowing down and may even beat their operations from 2018 as more services are added in the coming year.