Online revenue increases in New Jersey
The online gambling industry continued to show good results in New Jersey during last month’s operations.
US.- Online gambling continues to show a good performance in New Jersey, generating the second-highest gross revenue total in the industry’s nearly five-year history in May. As sports betting began operations in the state yesterday, it is expected that the industry will keep growing.
New Jersey online casinos totalled US$24.3 million in gross revenue, generating US$4.3 million in taxes in May. Revenue was up 5.6 per cent from the US$23.02 million registered in April.
Steve Ruddock, lead analyst for PlayNJ.com, said: “Legal sports betting will add rocket fuel to the already-impressive growth rates for New Jersey’s legal online casinos. Online sports betting should reach thousands of new customers and inject millions of dollars into what is already a thriving industry.”
Analysts at PlayNJ.com also forecast that the sports betting market in New Jersey could be worth more than US$500 million annually at maturity, half of it coming from online operations. “DraftKings and FanDuel add splashy brands to New Jersey’s online gambling market, and will help energize the industry,” Ruddock said. “The addition of sports betting will also create crossover customers that will expand the revenue pie for online casino games.”
