New Jersey’s legal online gambling industry continued to show strength in May, generating the second-highest gross revenue total in the industry’s nearly 5-year history. But with legal sports betting now rolling out, New Jersey’s online casino industry is entering a new era of growth, according to analysts at PlayNJ.com.
“Legal sports betting will add rocket fuel to the already-impressive growth rates for New Jersey’s legal online casinos,” said Steve Ruddock, lead analyst for PlayNJ.com. “Online sports betting should reach thousands of new customers and inject millions of dollars into what is already a thriving industry.”
New Jersey online casinos tallied $24.3 million in gross revenue, generating $4.3 million in taxes, in May. Revenue was up 5.6 percent from $23.02 million in April.
PlayNJ.com research forecasts that New Jersey’s sports betting market could be worth more than $500 million annually at maturity, with nearly half coming from online sports betting. Daily fantasy sports titans DraftKings and FanDuel are already preparing to open online sportsbooks and launch casino games in New Jersey.
“DraftKings and FanDuel add splashy brands to New Jersey’s online gambling market, and will help energize the industry,” Ruddock said. “The addition of sports betting will also create crossover customers that will expand the revenue pie for online casino games.”
An interstate online poker pact took effect on May 1. As a result, revenue climbed to $1.9 million in May from $1.8 millionin April.
“This is good news for online poker, which has languished in recent years,” Ruddock said. “An expansion in the player pool should pay dividends for what has become an almost forgotten vertical.”
Also in May:
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