New Jersey amends iGaming extension bill, reducing from 10 years to two
Bill S-3075 still requires an additional vote, but would officially extend iGaming until 2025.
Earlier this month, Senator Vince Polastina proposed a 10-year extension on internet gambling in New Jersey, but as of a recent amendment to the bill, the extension may only last two years.
Changes to Bill S-3075 were not made public at the time of the original hearing, and a final vote must be held, but the date of this vote has not been confirmed.
New Jersey has won more revenue from iGaming than any of the other states where it is legal. New Jersey and Delaware were also the first states to adopt it in 2013.
Earlier this month, the Garden State posted that its revenue from land-based casino gaming in May decreased, but that its iGaming segment is still going strong, with a total state win of $161.4m, showing a growth of 18.7%.
Mark Giannantonio, President of Resorts Casino Hotel and of the Casino Association of New Jersey, said, “The reauthorization of the internet gaming bill for 10 years is vital to the continued success of the gaming industry in New Jersey and the programs that are supported by the taxes collected.
“This will also provide investor confidence in the New Jersey internet gaming industry.”
Giannantonio has not released an official comment on the amendment of the bill from a 10-year extension to a two-year extension.
Casinos in popular gaming destination, Atlantic City, have established online partners for both iGaming and online sports betting. New Jersey’s iGaming revenue has also been credited with keeping Atlantic City on the gaming map during months of pandemic-related shutdowns of its properties.
Revenue from online winnings, however, must be shared with tech platforms, sportsbooks and other online operating partners, which has seen casinos keeping up to 70% less of those winnings.
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