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The New Jersey economy, like many other states across the US, has taken something of a battering in the wake of recent world events.
As society begins to emerge from lockdown rules, we could see a once-controversial industry become a beacon of hope for recovery and regeneration in Hamilton and the wider New Jersey area. Sportsbook and iGaming are still outlawed in most states, but New Jersey is ahead of the game and could well be in a prime position to benefit in the latter stages of 2020.
Bars, restaurants and casinos were closed across the state back in March, severely damaging the economy in Hamilton and across the US. However, recent figures show that New Jersey’s iGaming numbers flourished despite the restrictions. An IGB report details how our state had an income in excess of $85 million from online casino and iGaming in May, which is a whopping 124% increase from the same time last year.
This comes at a time when the economy is looking for signs of regeneration and recovery, in a sector which Forbes believes will be increasingly important. The higher budget deficits being experienced by states across the US are likely to help push through sportsbook bills currently being reviewed across the country, which means New Jersey is ahead of many when it comes to the booming industry. The New York Times explains that online iGaming has been legal here since 2013, and sportsbooks have been allowed since 2018.
Part of the allure of this industry is how robust it is to extraordinary events, such as those we have seen recently. Whilst physical sports have been unable to take place, healthy markets have built up around eSports, and around competitions across the world that were unaffected, such as the Belarusian soccer league.
Furthermore, online gaming providers do not have the restrictions imposed upon them which physical casinos have in terms of visitors, so they have been able to keep providing services to residents, as well as having big jackpots available to keep players coming back. Gala Spins reports that the largest online slot win ever was claimed by a player in the United Kingdom, who netted £13.2m ($16.4m) from a game. That is comparable with some of the biggest wins in Vegas and is an indicator as to why online gaming is going from strength to strength. Coupled with favorable legislations around Sportsbook, it leaves the New Jersey industry in a great position.
Sportsbook is already available in 18 states across the United States, including New Jersey, but recent events are bound to see that increase over the coming months. It generated $1bn in revenue, mainly focused on four mains states, of which New Jersey is one. The iGaming market is another which looks set to drive revenue in the coming months and once again, New Jersey is right at the forefront of that industry. Currently, only four states allow iGaming, which includes online slots and poker: Delaware, Nevada, and Pennsylvania being the other three.
Those numbers may well increase over the coming months too, but right here in Hamilton, we are perfectly placed to feel the full effects of the industry boom by offering both Sportsbook and iGaming in the latter part of 2020, putting us firmly as a market leader in a rapidly expanding and exciting industry.