In a significant move, the New Jersey Assembly committee is poised to discuss and advance a bill that could extend legal online gambling for another 10 years. Since its legalization in 2013, online gambling has proven to be a lifeline for the state’s casino industry, playing a vital role in keeping the lights on in Atlantic City during challenging times.
The Crucial Role of Online Gambling:
Assemblyman Don Guardian, a former mayor of Atlantic City, acknowledges that internet gaming has become an integral part of New Jersey’s gaming landscape. He credits online gambling as one of the key reasons why the state’s casinos continue to thrive. The revenue generated from online gambling has been instrumental in keeping the casino industry afloat and ensuring its survival during a time of decline.
Economic Impact and Revenue Boost:
Since its legalization in 2013, online betting has been a game-changer for New Jersey’s economy. The state’s casinos have reaped nearly $5 billion in revenue from online gambling alone, excluding the additional revenue from sports betting. The year 2021 saw a remarkable 41 percent increase in revenue from internet gaming, with casinos raking in close to $1.4 billion compared to $970 million in 2020. This data showcases the substantial contribution of online gambling to the state’s overall economic prosperity.
Legislative Process and Governor’s Approval:
The bill proposing a 10-year extension of online gambling will now undergo rigorous discussions in the Assembly committee. If approved at this stage, it will progress to multiple rounds of approval before being presented to Governor Phil Murphy for final endorsement. While the legislative process may be complex, the potential long-term benefits of extending online gambling justify the effort required.
Atlantic City’s Renaissance:
Assemblyman Ralph Caputo highlights the critical role online gambling played in reviving Atlantic City, which was facing economic collapse in the past. The infusion of revenue from internet gaming helped the struggling casinos stay afloat during these difficult times. This resurgence of Atlantic City further emphasizes the positive impact of legal online gambling and its role in supporting the city’s economy.
Looking Ahead: The Future of Online Gambling in New Jersey:
As the discussions progress, it becomes essential to consider the potential challenges and opportunities that lie ahead for online gambling in New Jersey. Ensuring responsible gambling practices, implementing robust regulatory measures, and protecting vulnerable individuals must be central to the future of online gambling in the state. By striking a balance between economic growth and social responsibility, New Jersey can continue to be a frontrunner in the online gambling industry.
The New Jersey Assembly’s discussions on extending legal online gambling for another decade mark a significant milestone for the state’s casino industry. The undeniable success of online gambling since its legalization in 2013 underscores its pivotal role in sustaining and revitalizing Atlantic City’s economy. With a potential extension until 2033, online gambling’s contribution to the state’s revenue and economic prosperity remains promising. However, the lawmakers must prioritize responsible gambling practices and effective regulations to ensure a sustainable and socially responsible future for online gambling in New Jersey.