Legislation to extend New Jersey’s online gambling as per NJ Bet took another step closer this month when it was advanced by the state Senate Budget and Appropriations Committee.
Gambling online has been legal in New Jersey for the last ten years but the authorization period is set to expire in November. The new legislation would not permanently legalize iGaming but would permit it for another ten years, through 2033.
If the new bill, S-3075, is approved, online betting would be allowed to continue and it has been reported the legislation could be under final consideration with Governor Phil Murphy by the end of June.
The New Jersey Benefits of Passing the Bill
Those who support the bill claim internet casino gambling, from slots to table games, has been integral in boosting Atlantic City and the casino industry in the area. Even more so after the impact, the global pandemic had on closures across the region.
Senator Vince Polistina, a sponsor of the bill, said, “The legalization of online gambling and sports betting was a catalyst for struggling casinos in the aftermath of the Great Recession.”
“In places like Atlantic City, internet gaming has created a number of good paying jobs for workers as well as generating millions of dollars in tax revenues for the state,” the Republican from District 2 added.
Former Atlantic City mayor Don Guardian, now an assemblyman, said online gambling was now an “integral part of gaming in New Jersey.”
Hilary Chebra, government relations manager for the Chamber of Commerce of Southern New Jersey lauded the positive effect casinos have had in the state. Describing the platforms as a “huge asset,” she also revealed a total of 31 online gambling websites affiliated with the city’s nine casinos are now operating across New Jersey.
Tax Revenue From Online Casino Gambling on the Increase
At the state level, tax revenue has been steadily growing and, according to budget documents, has become a source of annual tax collection for the state of more than $250 million via the Casino Revenue Fund.
iGaming brought in nearly $159 million in April in New Jersey, up more than 16% from a year earlier. And in May, casinos, their online partners and horse tracks offering sports betting recorded a 9.4% revenue increase compared to the same period in 2022.
The state’s casinos made nearly $471 million last month, according to state gambling regulator figures.
