New Jersey’s flourishing online gambling industry added another month to its four month long streak of high revenues. In fact, it has been showing such impressive growth that lawmakers in neighbouring Pennsylvania are now sitting up to take notice, and there are more than a few murmurs about passing a bill to legalize the industry.
In other news, TV Poker has major plans for the states of California and Nevada, having just roped in some of the game’s most visible people to give WSOP a run for its money.
New Jersey Online Casinos Net $20 Million Once Again
The online casino industry in New Jersey has demonstrated to its detractors that it can easily generate monthly revenues of more than $20 million. The state’s licensed gambling sites have collectively generated this figure for the fifth month in a row. Furthermore, the industry’s total revenue from the time of its start has now crossed $600 million. This is no small feat, if one were to consider the fact that the state legalized the industry only in November 2013. New Jersey has also earned more than $100 million in tax revenues from this industry.
An interesting development has been that the growing online gambling industry has had a positive impact on the state’s land based casinos as well. New Jersey gambling hub Atlantic City is going to see an increase in revenue against the previous year after a bad spell that lasted ten years.
The industry is eager to expand further, given that plenty of opportunities exist if the right laws are in place. For instance, sports betting is illegal at present, but the state’s regulators are hoping that the Supreme Court will be in its favour. The state’s gambling operators can also consider entering into partnerships with daily fantasy sports companies.
Pennsylvania Unable to Decide on Online Gambling
It is really surprising that the state of Pennsylvania hasn’t been able to come together on the subject of legalizing online gambling considering that it is facing a huge budget shortfall. Legislators have been debating this issue repeatedly but they haven’t come up with any good suggestions for bridging the budget deficit. If online gambling were to be legalized then the state could definitely generate much needed revenues.
The Senate Law & Justice Committee has fixed a hearing for the 15th of January in order to discuss the installation of video gambling terminals (VGTs) at different locations in the state. However, there appears to be a great deal of resistance to getting these machines installed mostly because of fears that they will take business away from land based casinos. In fact, their presence in the gambling bill has caused it to get stalled in the legislature.
However, the lobby that is promoting online gambling points out that there is no shortage of illegally run VGTs in the state. They say that if these machines could be operated legally then the state would benefit tremendously from it since the state already has a high tax on gambling.
Poker on TV Continues to be Interesting
Fans of Poker have plenty of reason to celebrate now that Poker After Dark returns to their screens. Tom Dwan’s profits earned over three days’ play made for very exciting viewing. In other Poker related news, Phil Hellmuth has signed up to host the Raw Deal segment on the World Poker Tour. He replaces Tony Dunst who has gone on to take the job vacated by Mike Sexton who now heads PartyPoker. Never one to shy away from the spotlight, Hellmuth will certainly bring a great deal of excitement to television screens.