December 24, 2020
Following New Jersey’s example, California is seriously considering legalizing online gambling and sports betting in the state. The Garden State has been reaping the benefits of regulating the gambling industry for a while, and the revenue stream has been a boon during the pandemic.
New Jersey sportsbooks have been consistently breaking national records for months on end in terms of revenue and California now wants a slice of the pie. New Jersey’s sports betting industry is unlike any other in terms of volume, and the posted figures lay testament to the fact.
The revenue figures in November stand at $931.6 million, a 16% rise since October 2020 and 24.4% from September this year. The revenue figures are unprecedented in this day and age, considering the global pandemic. And iGaming is responsible for achieving these figures to a great extent.
According to the census, over 84% of all sports wagers placed in Jersey in the past few months are over the internet. Thus, prompting most other states to take note. As major sporting events stood canceled or postponed between Mach and July 2020, the sports betting industry suffered a significant loss.
Online gambling emerged as an unlikely messiah during the tenure, offering temporary relief. With major league sporting events returning to the stadium, the industry is slowly recuperating. However, the demand for online wagers has stuck.
In total, sports betting revenue posted by the Garden State during November 2020 is $91.8 million. A minor drop compared to $93.5 million posted in October. The total revenue generated from online poker and related table games stood at $91,827,190 for a month. And despite physical casinos and sportsbooks failing to generate revenue for a major portion of the year, New Jersey’s gambling industry managed to ride out the storm successfully.
Popular tournaments such as the WSOP Online Bracelet Series have helped popularize online gambling once again. And with poker rooms back in business in Atlantic City, the situation is likely to improve quickly. Brick-and-mortar casinos have started to post promising figures with Golden Nugget leading the charts, followed closely by the Hard Rock Casino and Borgata.
Online casinos are the future of the industry, and the Californian authorities are acutely aware of the evolving scenario. Despite the observations, Californian punters are yet to legally wager on online platforms and often resort to playing on off-shore websites. Thus, diverting a huge chunk of potential revenue out of the state.
The California Gambling Control Commission is in charge of regulating the industry within state borders. Although, several other government bodies keep a close eye on the industry, like the California Lottery and The California Horse Racing Board.
The new legislation needs to be widely accepted by the population in addition to red tape. And apart from the host of challenges already mentioned, the authorities must also convince the existing physical casino owners.
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