Online Gaming Boosts New Jersey Revenue
For months now, we’ve been saying several things about online gaming. We’ve long believed that online gaming is safe, fun, and it does nothing but help that state’s economy. By legalizing online gaming, states are essentially saying that they want more money, and magically, it happens. There are many opponents of online gaming, but after the news that came out this past week, maybe they’ll be silenced.
It’s no secret that Atlantic City is no longer the revenue cash cow that it once was. Land-based casinos are starting to fail, and some are even ceasing operations. As predicted, however, any losses that land-based casinos are experiencing are being made up by online gaming.
So far, the Atlantic Club, the Trump Plaza, and the Showboat have either already closed or are closing soon. If Revel can’t find a buyer at bankruptcy court, they’ll shut down, too. Opponents of online gaming state that this is the direct result of Internet gambling being legalized. The numbers released Monday, though, tell a different story: online gaming is helping New Jersey’s gaming economy, not hurting it.
In June, the total revenue brought in by both land-based casinos and Internet gaming websites totaled $235.9 million. This is up from $227.1 million just last June, when Internet gambling wasn’t even legal in New Jersey.
The boost can be attributed to several things, one of which is undoubtedly no deposit promotions that online sites run. Also, it seems like people are more homebodies lately. With temperatures outside and gas prices both rising, it’s no wonder that the people of New Jersey are staying home to do all of their gaming online.
The announcement can only be seen as good news in the war to legalize online gambling. Sheldon Adelson, casino mogul and 38th richest person in the world, can’t deny the facts. When compared to last year, even though casino revenues were down, revenue was up by almost $9 million.
This announcement could be the thing that pushes other states to legalize online gambling. For California and Pennsylvania, two states that are on the verge of legalizing online gaming, this announcement could be their wake up call. They’re losing money each year thanks to their casinos, and online gaming could help with those losses.
Hopefully New Jersey feels a little better about casinos failing now. New Jersey relies on casino taxes to fund programs for senior citizens and disabled people, so if Internet gaming wasn’t a huge success, they’d be in trouble. Thankfully, that’s not the case. While two casinos posted profits, the rest posted losses, and New Jersey still came out ahead. If this trend continues, New Jersey can expect to post record annual profits in the next few years.