New Jersey has long been a hotbed for gambling, with Atlantic City being one of the top destinations for those looking to test their luck. In recent years, the state has seen a surge in gambling revenue, with the industry bringing in billions of dollars annually.
According to the latest data from the New Jersey Division of Gaming Enforcement, the state’s gambling revenue hit a record high of $3.4 billion in 2020. This represents a 17% increase from the previous year, despite the challenges posed by the COVID-19 pandemic.
One of the key factors driving this growth is the legalization of sports betting in the state. Since the Supreme Court overturned the federal ban on sports betting in 2018, New Jersey has become a major player in the industry. In 2020, sports betting revenue reached $400 million, a staggering 94% increase from the previous year.
In addition to sports betting, online gambling has also played a major role in the state’s gambling revenue boom. With many casinos closed due to the pandemic, online gambling became a lifeline for the industry. In 2020, online gambling revenue soared to $970 million, a 101% increase from the previous year.
New Jersey Governor Phil Murphy has hailed the state’s gambling industry as a major economic driver, creating jobs and bringing in much-needed revenue. “The success of our gambling industry is a testament to the resilience and innovation of our state,” he said in a statement.
Despite the positive numbers, some have raised concerns about the potential negative impacts of gambling, such as addiction and financial hardship. State officials have taken steps to address these issues, including increasing funding for problem gambling programs and implementing measures to promote responsible gambling.
Overall, the future looks bright for New Jersey’s gambling industry, with experts predicting continued growth in the years to come. With sports betting and online gambling leading the way, the state is poised to maintain its status as a gambling powerhouse.
