NJ Eyes extends robust online betting market another 10 years – NBC10 Philadelphia

What there is to know

  • Knowing that its thriving internet gambling market is one of the brightest spots in New Jersey’s uneven landscape, state lawmakers are considering extending the online betting license for another 10 years.
  • A National Assembly committee held a hearing on Thursday to consider extending the law allowing online gambling until 2033.
  • Don Guardian, former mayor of Atlantic City, says online betting has become an integral part of the state’s gambling industry. And Assemblyman Ralph Caputo says it helped keep casinos afloat during the coronavirus pandemic because players could gamble online while physical casinos were closed for months.

Knowing that its thriving internet gambling market is one of the brightest spots in New Jersey’s uneven landscape, state lawmakers are considering extending the online betting license for another 10 years.

A state Assembly committee held a hearing on Thursday to consider extending the law allowing internet gambling until 2033, and moved the measure to the next stage of the legislative process. It still requires additional approval cycles before going to Governor Phil Murphy for his signature.

“Internet gambling has proven to be an integral part of gambling in New Jersey,” said Assemblyman Don Guardian, former mayor of Atlantic City. “That’s one of the reasons we still have casinos in New Jersey.”

Assemblyman Ralph Caputo, a former Atlantic City casino executive, noted that online gambling provided a crucial source of revenue for casinos as they were closed for 3½ months in early 2020. of the pandemic. Even when casinos reopened later that year, some customers were hesitant to come to a casino in person and opted to gamble online.

Internet gambling “has kept these casinos (afloat) through a very difficult time,” Caputo said.

Most major online gambling companies including FanDuel, DraftKings, BetMGM and Bally’s support the bill.

New Jersey launched internet casino gaming in November 2013, and since then its casinos have earned $4.79 billion from online gamblers. That’s nearly double the $2.47 billion that Pennsylvania casinos have earned online since July 2019.

Other states offering online gambling include Michigan ($2 billion as of January 2021); Connecticut ($199.7 million since October 2021); West Virginia ($137.4 million since July 2020); and Delaware ($42.2 million since December 2013). Nevada offers online poker but does not allocate this revenue separately from the in-person revenue that casinos report to the state.

These figures are for online casino gaming only and do not include sports betting revenue, which is reported separately.

New Jersey led the nation in 2018 sports betting revenue at the start of this year. This is when New York started taking online sports betting and immediately took the national market lead in this growing industry.

While the internet gambling numbers look impressive on paper, Atlantic City casino executives warn that they are not all they appear to be. Internet gambling money, like money earned from sports betting, is shared with third parties like technology platforms. Not all money declared by the state to have been won by online casinos is actually kept by the casinos; up to 70% of it goes to third parties, according to casino executives.

But even the money that remains is aid for a gaming station whose nine casinos are struggling to get back to the level of activity they had before the pandemic hit.

The Assembly committee also introduced another bill that would require Internet gambling casinos in New Jersey to prominently advertise the name of their physical Atlantic City casino on all of their sites. Online betting web.

Another bill advanced Thursday would include esports, or competitive video games, as internet gaming events, providing esports-specific permissions to take bets on games.


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