The state of New Jersey's online betting industry is poised to have grown by 66% this year, providing a model to other states about how to launch regulated iGaming within their own borders.
Through the end of November, $433 million in revenue has been generated by the industry, and it's thought that a strong close could see the industry hit $460 million. That would represent a 66% increase in revenues from the year prior, and cap off a decade that's been very healthy for online gambling in the Garden State.
New Jersey was the second state to legalize online casino games, and they were the Plaintiff in a case that sought to legalize sportsbetting. That case went to the Supreme Court, which overturned the federal ban on the activity. Sportsbetting has proved to be lucrative as well, seeing gamblers engaging in both retail and online wagers.
The future will be interesting for New Jersey, as there is increased competition from the likes of Pennsylvania, which has legalized both online casino games and sportsbetting. We're going to be following developments in New Jersey and letting you know about how the market matures.