New Jersey online gambling regulation: Is it working?
The European gambling market is worth $87 billion, with online gambling being around $15 billion. This makes Europe the biggest and the best regulated gambling market in the world, where online gambling is growing every year.
Online gambling is growing on a global scale too. It is estimated that it grows 11% annually with 85 legalized markets so far. The UK alone represents 10% of the entire European market. Even Russia and India are moving towards regulating the online gambling market, while in the USA this is achieved through the initiatives of individual states.
The first regulated real-money online casino site in the USA was launched in Nevada in 2013. Since then people were able to play for real-money or play for free without risk genuine casino games that they were able to play only in Las Vegas casinos or in the form of social casinos on Facebook. Today, Delaware and New Jersey have followed the example and have embraced the opportunity to offer their citizens a regulated online gambling market so that they won’t have to spend their money at off-shore gambling sites. This way all the revenue stays in the state of which everyone can benefit.
Even though all of this is in its infancy, the revenues are expected to be worth $5 billion by 2020 according to Morgan Stanley. New Jersey’s market grows every day, and now with major brands like PokerStars being part of the market, it’s sure to grow even more.
New Jersey has a $148.8 million rise in revenue since 2014, a fine example for other states to follow suite like New York, Pennsylvania and California who are considering legalization too. In February alone New Jersey marked a record revenue of $14.7, which was more than 40% better than the month before that, while in March it surpassed $15 million. All of that prior to the launching PokerStars. This was without a doubt spurred by the scheduled launching of this big brand, which gave New Jersey the very much needed double-digit rise bump.
There is no doubt that all of this is starting to work greatly for the state. Now the people have more freedom on where they want to spend their money and are not forced to go to the land-based establishments. Instead they can gamble from the comfort of their own homes in a state-regulated gambling market by playing at the sites of some of the biggest brands.
Until now Americans didn’t have the chance to tryout the incredible casino games developed by NetEnt one of the biggest Scandinavian companies and fastest-growing worldwide casino game developers. With all the regulation charge in New Jersey, NetEnt has concluded a deal with Amaya to provide the New Jersey version of PokerStars with some of NetEnt’s best desktop and mobile casino games. In fact, NetEnt has been already providing licensees like Caesars Interactive Entertainment, Tropicana/Gamesys, Golden Nugget and the Borgata/Bwin.party tandem with its games.
All that’s left now is for sports betting to enter the market. Online sports betting is big across the world and especially in Europe, but in the US people are still waiting for a true opportunity to wager on sports online legally. New Jersey made an attempt in February to push sports betting into the nationwide picture, but the initiative is still in limbo.
The biggest arguments of the state and the American Gaming Association is that by legalizing online sports betting there will be a chance to make benefit of the billions of dollars going away illegally at off-shore sports betting sites. This way not only the states will benefit, but people will benefit too because they will be able to bet within their country and still do that from their homes.