New Jersey’s online gaming industry has experienced extraordinary growth in the past year. According to a recent industry report, demand for online casino services is still strong and should continue until the end of the year, although it looks like the online casino market growth is beginning to slow.
This slowdown is attributed to increased competition from nearby states such as New York and Pennsylvania, which are rapidly expanding their presence in the online gambling sector. Despite this dampening effect, however, industry experts predict revenues will still end the year up double digits, ensuring a profitable year.
The findings of the PlayUSA annual online gambling expansion report indicate that the New Jersey market for online casinos is reaching its peak. This conclusion was reached through the observation of the state’s recent revenue trends, which show a slowing down in year-on-year growth. Despite this slowdown, New Jersey is still one of the most popular states for online gambling and continues to be a desirable location for both US online operators and players alike. According to the author’s report:
“While New Jersey is still on track to end the year with double-digit growth, the past few months of data reveal the first signs of an actual pullback,” adding to the statement, “New York’s expansion is no doubt responsible for some of the falloff, but it’s also apparent that maturity itself is approaching.”
Online gambling has surged in popularity over the last year due to changing regulations and multi-state approval. Last month, U.S. online gambling brought in more than $147 million, a nearly 16% increase from the same period a year ago.
PlayUSA’s report indicated that this apparent surge in online gambling can be attributed to the growing acceptance of gambling within the U.S., as more than two dozen states now regulate one or both sports betting and/or online casino games. In fact, many of these states are actively exploring new avenues for expanding their reach into these lucrative industries, showing just how much traction they have gained on a national scale.
With an ever-growing number of states approving some form of regulated online casino, it won’t be long before this industry sees yet another large uptick. This opens up exciting possibilities for both consumers and businesses alike as gamification and mainstream entertainment look to benefit greatly from this trend in the coming years!