SEACAUCUS, N.J. – With just six states currently allowing legalized real money online casinos with interactive slot machines and table games, iGaming is a popular topic of discussion here at the third edition of the SBC | Summit North America at the Meadowlands Exposition Center. New Jersey is an appropriate site; it’s a state in which both iGaming and sports betting are flourishing.
New Jersey’s online casinos generated Gross Gaming Revenue (GGR) of more than $1.3 billion dollars in 2021, with more than $205.2 million going to the state in tax revenue.
Meanwhile, sportsbooks (both retail, online) delivered Trenton about $102.6 million.
New Jersey, along with Pennsylvania, Delaware, Connecticut, Michigan and West Virginia have legal online casinos.
Delaware hit a bit of a landmark in iGaming recently.
Those states, plus Nevada, also have legalized online poker .
Here, in the summer of 2022 – with rising inflation, the cost of daily living, weather conditions, coming in and out of the COVID-19 pandemic and other state issues – how can iGaming be incorporated and become a part of a state that already has sports wagering or that is entering on its own?
“From a lobbying perspective, it’s about talking to the states about how the money will be used,” said Craig Brown, head of delivery at Incubeta, during a three-member panel of building market-ready iGaming strategies with a legalized jurisdiction. “Speak to the general public on how it’s going to impact their pocket and that’s what’s going to make politicians listen about money and tax implications. That is what’s going to help,”
New Jersey currently imposes an effective tax rate of 9.75% on retail sports betting GGR, and a solid 14.25% on mobile. iGaming platforms are required to share 15% of their gross revenue with the state.“I think we have to wait a little bit,” said Todd Cravens, president and CEO of Galaxy Gaming, the largest independent provider of proprietary casino table games in the world, with 6,000 gaming tables located in more than 600 casinos. “One of the things that has happened over the last couple of years here in the states is that there have […]