That’s one successful NJ online gambling bill

Business News

There won’t be a parade down the streets of Atlantic City. However, there may be a few state lawmakers and casino industry insiders raising a glass next month to celebrate the five-year anniversary of the day then-New Jersey Gov. Chris Christie signed the state’s online gambling bill into law.

On Feb. 26, 2013, a bill permitting internet gambling in the state was approved by the New Jersey Legislature. It was signed into law by Christie later that day. It took almost nine months before legal and regulated online gambling actually launched in New Jersey. However, it has been a tremendous and growing success ever since.

In fact, New Jersey online gambling sites posted $245.6 million in online gambling revenues in 2017. That represents an almost 25 percent increase from the record-breaking $196.7 million in online gambling revenues posted in 2016.

Actually, the numbers have gone up more than 20 percent every year since the state launched legal and regulated online gambling. NJ online gambling revenues have doubled since the first full year of operations in 2014. The sites posted $122.9 million in online gambling revenue in 2014.

That’s certainly something the state’s successful online casino and online poker operators might want to celebrate. However, state lawmakers should be popping bottles alongside them as well.

By May 2017, the amount of taxes the state had collected from online gambling operators since launch had surpassed $100 million. By the end of the year that number was more than $125 million and counting.