New Jersey Cleared for Another Five Years of Online Casino Gambling
New Jersey Cleared for Another Five Years of Online Casino Gambling Pleas Subscribe For Daily Sports Betting News
Bet at MGM - IF YOUR BET LOSES, YOU’LL GET UP TO $1,000 BACK IN BONUS BETS - https://bit.ly/BetMGM1
Want To Place a Bet .. Download the Best Online Sportsbook! (IOS) http://bit.ly/453YUZG
Grab Barstool Sports Apparel @ The Official Barstool Store: https://bit.ly/barstool23
Bet On All The Big Games @ Xbet: https://bit.ly/xbetnow
First Deposit Bonus Up To $500 + $10 Casino Chip
Please Subscribe!
Garden State gamblers will have both legal sports betting and online casino wagering available to them for at least another half-decade. Legal authorization for online casino gambling in New Jersey was set to expire in November of this year. However, Gov. Phil Murphy signed iGaming extension legislation into law on June 30, giving online gambling in the state another five-year term.
An economic driver
The reauthorization of iGaming in New Jersey is a big deal for the state’s gambling industry. While New Jersey sports betting generates tens of millions of dollars for sportsbooks and their casino partners in the state...
Garden State gamblers will have both legal sports betting and online casino wagering available to them for at least another half-decade. Legal authorization for online casino gambling in New Jersey was set to expire in November of this year. However, Gov. Phil Murphy signed iGaming extension legislation into law on June 30, giving online gambling in the state another five-year term.
An economic driver
The reauthorization of iGaming in New Jersey is a big deal for the state’s gambling industry. While New Jersey sports betting generates tens of millions of dollars for sportsbooks and their casino partners in the state every month, iGaming produces north of $100 million in revenue.
In May, for example, iGaming revenue in New Jersey was $161.4 million, while sports betting sites receipts amounted to about $82.2 million. As of the end of May, total iGaming revenue for the year was $781.5 million, compared to $374.5 million in sportsbook income.
That iGaming revenue has translated into plenty of government tax money as well. As of the end of May, the 15% tax on iGaming income resulted in $117.2 million in revenue for the state. Online sports betting tax was $46.9 million for the year to date.
Lucky seven
New Jersey is also just one of seven states to have authorized some form of iGaming, with Rhode Island recently becoming the seventh after passing online gambling legislation earlier this year. Rhode Island iGaming could start as early as March of 2024.
“The legalization of online gambling and sports betting was a catalyst for struggling casinos in the aftermath of the Great Recession,” said Republican Sen. Vince Polistina, a sponsor of the New Jersey iGaming legislation, in a press release after the passage of the bill in the state Senate. “In places like Atlantic City, internet gaming has created a number of good paying jobs after the Great Recession and has generated millions of dollars in tax revenues for the state.” This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/new-jersey-igaming-sports-betting-legislation-extension-july-6-2023
-
1:03:39
Man in America
13 hours ago🔴 LIVE: DNC COUP? Who Signed Biden’s Letter? WHERE IS JOE???
47.5K61 -
2:05:27
Kim Iversen
7 hours agoUNREAL: Polls Claim Tight Race Between Harris And Trump | RESIGN! Secret Service Chief Stonewalls Congress
72K199 -
11:54
SLS - Street League Skateboarding
11 hours agoBest of Chloe Covell | Street League
38.6K6 -
57:37
Patriots With Grit
1 day agoHow Voting Machines & Databases Are Compromised: How To Regain Honest Elections | Mark Cook
54.5K15 -
1:18:53
Donald Trump Jr.
11 hours agoSecret Service Director is a Disgrace, Plus where is Joe Biden? | TRIGGERED Ep.158
228K769 -
1:33:47
Michael Franzese
8 hours agoWhy they had to get Biden out ASAP | Emergency Sitdown
83.1K94 -
2:25:22
WeAreChange
8 hours agoWHERE'S Joe Biden?? President Of The U.S. Goes MISSING As Doctors Ratchet Up Cover-up!
104K47 -
1:56:24
2 MIKES LIVE
7 hours ago2 MIKES LIVE #94 DEEP DIVE MONDAY! Is This Democracy? with Special Guests J Michael Waller and Josh Baker
75.1K6 -
1:34:10
The Amber May Show
7 hours agoTrue Story Behind The U.S. Marines Ambush In Afghanistan
74K7 -
57:19
Kimberly Guilfoyle
11 hours agoSecret Service Scandal Deepens, Plus, Who is Really Behind Biden Exit? Live with Charlie Spiering, Rep Luna, and Hogan Gidley | Ep. 144
118K230