New Report: Web Gambling Pays
With New Jersey about to finally get its day in the U.S. Supreme Court over a federal ban on sports betting, a new report is out trumpeting the benefits the state has reaped from its internet gambling industry.
The report, “Economic Impact of New Jersey Online Gaming: Lessons Learned,” sponsored by online gaming trade group iDEA (iDevelopment and Economic Association), says the intrastate market has made $998.3 million from its inception in 2013 through the end of last year, provided 3,374 jobs paying $218.9 million in wages and generated $124.4 million in tax revenue to state and local governments, including $83.5 million in gaming taxes.
iDEA says the research, which was compiled by Alan Meister of Nathan Associates and Gene Johnson of Victor Strategies, suggests such benefits could be replicated in other regions.
“The state’s operating environment and regulatory structure provides a portable model which can be implemented by other jurisdictions, bringing much-needed jobs and tax revenue,” said gaming attorney and iDEA co-founder Jeff Ifrah.
The study also claims that concerns raised during the initial debates over legalization have been unfounded.
“New Jersey iGaming is also a success from a regulatory perspective, with some of the strictest regulation protocols in the world,” Ifrah said. “These regulations guarantee that operators are accountable, and that players can trust that they will be protected.”
Several states are considering legalizing casino gambling on the internet, but currently only Delaware, Nevada, New Jersey and the U.S. Virgin Islands have regulatory schemes in place.
To download a full version of the report click here.