The online gaming world is huge. Every year, things keep getting bigger and better. We are talking about the iGaming market value being over $59 billion. In particular, in New Jersey, things are going from strength to strength. So, how is the latter half of 2022 looking for the iGaming market in New Jersey? We can drop a spoiler and say that things are looking good. But, let’s take a closer look at what is going on in the state and what you need to know.
Some Background
First of all, let’s set the scene. iGaming is a term that refers to online gambling and betting. So, while there are still brick-and-mortar casinos in New Jersey and other states, iGaming is taking over and becoming more popular. You can play anything from poker to slot machines from home. Technology is getting better by the day too, which creates a fun and realistic gambling experience.
One thing that changed the game in New Jersey was when the court battle ensued several years ago. In particular, the state made sure that PASPA or The Professional and Amateur Sports Protection Act was overturned. This meant that sports wagering became legal in New Jersey and this really has made a difference to iGaming in the state, as well as across the country. In particular, every year since then, New Jersey has seen a rise in revenue.
Rising Revenue
As mentioned, the revenue has been rising ever since the PASPA was overturned. Let’s take a look at some of the numbers since this can help predict how the iGaming market in New Jersey is going to develop in the latter half of 2022.
First of all, if we go back to June 2018, the revenue was $3,458,668. Then, if you jump to August 2019, there was a huge increase to $25,210,341. Fast-forwarding to January 2022 and it was an amazing $60,195,902.
So, what can we expect from New Jersey online casinos in the latter half of 2022? Well, it is fair to say that we are likely to see more of the same. In other words, revenue will continue to roll in as people enjoy iGaming and all that it offers. The market does not seem to be slowing down anytime soon, which means the rest of 2022 is not going to be any different.
There are many who thought iGaming would slow down in New Jersey since people are set to move on from the pandemic. Indeed, this was a huge factor that made people gamble at home. The brick-and-mortar casinos had to close. The only thing you could do was gamble at home. Plus, since people were not working, this was something they did for entertainment. But, despite life starting to go back to normal, people still have the same habits. They now release that they do not have to leave the house when it comes to gaming.
What’s more, technology continues to get better and better. This means that the online experience truly rivals what you can experience in a land casino. Since there are a lot of new casino and gambling websites appearing online, there is competition. Every website wants to make sure that they are able to get customers. So, they do this by offering the best technology. This is good news for players and it means that games keep improving all the time. In addition, this means games are more adaptive and optimized for mobile. There has been a huge increase in people playing games on the move. Everyone takes their smartphone everywhere and looks to their device for entertainment. As a consequence, more websites are becoming suitable for this type of gaming.
Therefore, iGaming is set to be huge in the latter half of 2022. In particular, it is estimated that the market will be worth almost $93 billion by 2023. Indeed, New Jersey is going to get a huge amount of this and even more people are going to be enjoying the online casinos and games on offer. The state has had an important role to play in the emergence of iGaming and it continues to lead the way.