New Jersey Expected to Bring in $370 Million From Online Gambling
Posted: November 29, 2013
Updated: October 4, 2017
H2 Gambling Capital Predict $370 Million Gross Win at New Jersey Online Casinos in 2014 Alone
As the first online casinos in the US state of New Jersey continue to welcome their new customers through their virtual doors, H2 Gambling Capital has announced the results of its study into the newborn industry, and it makes good reading for New Jersey’s lawmakers.
Indeed, with a projection of $370 million worth of gross win in 2014 alone, it makes good reading for under pressure Atlantic City casino bosses, too. As New Jersey is not only the largest of the three states to take advantage of the new American gambling laws, but the only one to explicitly state it wanted to use it for money making purposes, income of that size so quickly is welcome.
Indeed, by 2018, that gross win is expected to soar past the $500 million mark, not only bringing in a much needed boost to casino owners, but also filling up state coffers nicely. However, H2 Gambling Capital did share a word of warning, too.
The information firm commented that: “the forecasts are dependent on all operators being up and running (six of the seven licensees were given approval to proceed with full real money operations following the five day trial period) and that there are no issues with payments that impact the ability of players to deposit funds on the sites. The latter could be a limiting factor on market size as it is understood that a number of banks and credit cards are currently refusing to permit igaming transactions even with New Jersey licensed.”
On a different note, the speed at which New Jersey’s operators have built their online presence stands them in good stead for the launch of mobile casinos in the state, likely to happen sometime early next year.
With mobile gambling rising and rising throughout the world, the US has waited long enough for real money on-the-go gambling.