In a groundbreaking new study, researchers at the prestigious University of New Jersey have challenged the findings of a prior study that downplayed the impact of iGaming on the state’s economy. The study, conducted by The Action Network, a leading research firm, found that iGaming has had a much larger impact than previously thought, with significant implications for the future of online gambling in New Jersey.
The prior study, which was released in 2018, concluded that iGaming had a limited impact on the state’s economy, with only a small number of jobs created and a minimal increase in tax revenue. However, the new research challenges these findings, arguing that iGaming has actually had a significant positive impact on the state’s economy, creating thousands of new jobs and generating millions of dollars in tax revenue.
One of the key findings of the new study is that iGaming has helped to revitalize the struggling Atlantic City casino industry. The researchers found that online gambling has attracted a new generation of players, many of whom would not have visited the city’s casinos otherwise. This influx of new customers has helped to boost revenue for the casinos, leading to the creation of thousands of new jobs in the industry.
Additionally, the study found that iGaming has had a positive impact on the state’s tax revenue. The researchers estimated that online gambling has generated millions of dollars in tax revenue for New Jersey, helping to support essential services and infrastructure projects. This finding challenges the previous study’s conclusion that iGaming had a minimal impact on state finances.
The researchers also noted that iGaming has had a broader economic impact, with benefits extending beyond the casino industry. For example, online gambling has created opportunities for software developers, marketers, and other professionals in the technology and gaming industries. This has helped to diversify the state’s economy and create new opportunities for growth.
Overall, the new study paints a much more positive picture of the impact of iGaming on New Jersey than previous research. The findings suggest that online gambling has been a significant driver of economic growth in the state, creating jobs, boosting tax revenue, and supporting the revitalization of Atlantic City. As policymakers consider the future of online gambling in New Jersey, these new findings will undoubtedly play a key role in shaping their decisions.
