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Open policies have always been adopted towards gambling in New Jersey. Its online forum has been no different. The state is now seeing record growth due to this. In the text below we dive into this boom. 

The iGaming sector in New Jersey is going from strength to strength. It has always been a state with relaxed legislation toward gambling. If you are a citizen of the state, all of this is taxable and will benefit the area. New Jersey's fruitful August is discussed below.

August Sets Profit Records in iGaming

After Vegas, New Jersey is the casino capital of the US. It has recently enjoyed a renaissance. An astronomical year is in store.  August profits managed to reach $555.1m. It is a 1.3% increase since July. The same month last year made $531.6m.

The footfall from tourism during the summer could have contributed. However, iGaming revenue increased to $198.4m and this was where the bulk appeared from. This is a monthly record for the state. The revenue generated by operators is listed below:

  • Golden Nugget/Fanduel/Betway/Betrivers combined- $55.0m
  • Draftkings - $43.2m
  •  Fanduel - $41.3m

What is Fuelling the Growth?

This 28% improvement on the previous year could be down to several reasons. The first is that the provision of online casinos is getting better. Many of those operating in the state are extensions of companies that also own physical casinos. For example, Golden Nugget was the master licensee which also allows Fanduel, Betway, and Betrivers to operate using its license. If you are a new player, when you head to the Bonusfinder site and review platforms like it, you can find casinos, including these ones, easily ranked and reviewed. This has made it much easier for new customers to overcome some of the hurdles they may have faced before.

There are also still new casino operators seeking approval to work in the state. Horseshoe Online Casino recently launched in Michigan and is rumored to be awaiting the necessary regulatory approvals. It is a brand owned by Caesars Entertainment, designed to run alongside their Caesars Palace online casinos.

It is expected the casino will have a very similar opening strategy to the one deployed in Michigan. Working on iOS and Android, its platform simulates a casino lobby on arrival, letting you explore and find different rooms with plenty of games.

Are Smoking Laws Contributing to a Decline in NJ Casinos?

One hot topic that has been impacting New Jersey’s casinos has been its smoking laws and it could possibly be the second reason iGaming revenue has increased. The state currently has a Smoke-Free Indoor Air Act which prohibits smoking indoors. However, it has never applied to casinos.

A quarter of floors in the state are open to smokers. This is 25% more than the croupiers and hospitality workers there want. Would you expect to go to work and have to breathe in secondhand smoke? No one should, and the casino workers' unions see it as a major problem. Detrimental to their health, they are fighting it vehemently.

State Sen. Joseph Vitale who is highly critical of the law, says that it is still not the time to make a move. He explained that they always try to have 21 before they post a bill request to the Senate and that the numbers are just not there yet. The commissioner of New Jersey’s Department of Health Kaitlan Baston, has also been in the firing line from the opposition for not closing the loophole in the law.

There is also an argument that this could also be a reason so much of the state gambling revenue is now coming from online forums. Would you want to stand in a smoke-filled casino when you could be playing comfortably at home on a device?

Land Based Decline

There has been some decline in the revenue from land-based casinos in the state lately. A turnaround in income occurred in April and July. The former was the worst month, with land-based casinos generating $216.8m compared to $231.5m the year before. This was a decline of over 6%.

The counterargument to this is that August's data shows customers do not seem deterred at all. Revenues from land-based casinos are up and remain the main source of gambling revenue in the state, rising to $294.0m. This is 4.9% higher than the previous year. At the head of the table remains the Borgata. It had $74.2m in revenue.  Hard Rock was second with $55.4m. Online sports betting dipped in revenue during August. Its income was also down 34.7% on the year before.

Despite a few setbacks, it is set up to be a record year for iGaming revenue in 2024. The state's relaxed policy toward gambling and iGaming has started to pay off. With more companies coming onto the market it can only be good for those using online casinos.

If you or anyone you know has a gambling problem, call 1-800-GAMBLER.

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