Gambling Legislation

New Jersey approves 5-year extension of iGaming market

Online casinos almost had to limit themselves to just the next two years

New Jersey legislators have made a critical choice that will significantly impact the realm of online gambling within the state. They have agreed to prolong the legality of online gambling for the next five years, defying initial expectations of a mere two-year extension.

In the final hours leading up to a summer break, the endeavors to secure a path for iGaming in the state met resistance. The impetus for this endeavor arises from the imminent expiration of New Jersey’s 2013 legislation that granted permission for online gambling, a measure that expires in November. This extension acts as a safeguard for over 30 legitimate online casinos that have evolved into a vital component of New Jersey’s $6.45-billing gaming economy.

The casinos initially expected a 10-year extension. Nonetheless, following a thorough evaluation and significant modifications, the final legislation concluded with a shorter extension of five years. Surprisingly, just last week, the Assembly’s Budget Committee had put forward a proposal for a two-year extension, spanning from 2023 to 2025. However, during Wednesday’s parliamentary session, the authority was granted five years, extending the industry’s jurisdiction until 2028.

In New Jersey, there are a total of 21 online licenses that have been granted under different legislations. Despite the expiration of the iGaming Act of 2013, these gambling licenses remain unaffected, offering an alternative means to generate income. Ever since its inception in 2013, online gambling has proven to be a lucrative venture for the state of New Jersey, having accumulated over $6.2 billion in revenue and corresponding tax contributions within the past decade.

April’s statistics indicate a noteworthy surge of 13.7% in the yearly income derived from iGaming, as announced by both casinos and their affiliates. This data underlines the ongoing expansion of this sector.

New Jersey’s iGaming revenue is skyrocketing, surpassing an impressive $900 million, thanks to the 15% tax imposed. Projections based on state tax records anticipate a further surge of $170 million in the upcoming seven months, particularly during the 2024 fiscal year.

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