New Jersey’s Online Casinos Generate $24.3 Million In May Alone. Do We Still Have Excuses?
A round-up of the numbers shows that New Jersey’s online casino tax money growth streak will most certainly continue this year as well. This state is a brilliant example of how the regulation of gaming can bring benefits, yet at the same time care for the player’s environment by making it safer and more entertaining.
New Jersey online casinos tallied $24.3 million in gross revenue, generating $4.3 million in taxes, in May. Revenue was up 5.6 per cent from $23.02 million in April.
Over $500 million a year
According to various estimations, New Jersey could amass a total of over $500 million a year, which sounds like a considerable input, given the state’s small population. The state of New Jersey has also created a better environment for players, by ensuring better odds for classic games such as Slots, BlackJack, Craps, and others.
The state’s gaming sites are well-aware of the strong, and they are strongly motivated to stay competitive. Moreover, the state ensures the safety and the legality of the entire process. The citizens of the state won’t have to deal with shady casinos with dubious security, considering that the industry is overseen by the Division of Gaming Enforcement, which is a governmental agency.
Providing players with a truly safe and secure online gaming environment is most probably the most important input that the legalization has brought.
This positive tendency is slowly becoming more common in the West, which is focused on ensuring a citizen’s liberties. As multiple States in the US rush to legalize sports betting, which, by the way, amounts to $150 billion a year on the black market, the NJ’s regulations establish a valuable legal and economic precedent that will help other states follow their lead.
Tax Revenue Is Important
There have been a few sources that have deemed online casinos as disappointing after their legalization. The reality is that the tax revenue that this industry brings is much more significant than anything that has been passed or even proposed by the state in recent years.
Yes, it is most certainly not a billion-dollar industry, which the Governor claimed it would be, it currently brings much more money in the state’s
budget than the famous 23 cent gas tax.
We hope that in the nearest future we’ll be seeing states and countries that share New Jersey’s decision to look into online casinos. Thus ensuring a safe environment for their citizens, taking the industry out of the hands of the black market, and creating a viable and robust source of income out of it.