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NJ's Top Gaming Regulator Predicts Flood Of Online Sports Betting Soon

The other was clearly playMGM, which just entered a soft launch phase on Wednesday, post interview. “As for the four still in the lab, I expect some of those to be approved by the end of the month, too,” Rebuck said. “With any luck, we’ll have a good amount of competition on the mobile side of the house before Sept. 1. And I expect more applications to come in soon.

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Sports Betting Makes Sense While Online Gambling Makes Dollars

It’s a number that isn’t going to make a significant dent in New Jersey’s $37.4 billion budget. It’s true the state’s legal sports betting industry is just getting off the ground, and doing so in a traditionally dead time for sports. After all, the NFL and NBA seasons don’t get going until the fall. But, it may still be awhile until sports betting even approaches online casino. The New Jersey online gambling industry set a new record in July , generating close to $26 million in revenue. There’s every reason to believe it will continue to post similar numbers going forward. In fact, July represented the 17th straight month NJ online casino and poker sites generated $20 million in revenue. The state’s tax rate on online gambling revenue amounts to about 17.5 percent. Therefore, New Jersey’s cut in July was close to $4.55 million. If New Jersey sportsbooks — like the new online  DraftKings Sportsbook — continue on the same pace they started on, it will take almost a year before they generate the kind of tax revenue online gambling did last month alone.

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