Online gambling revenue in New Jersey increased 28 percent in its second month while physical casino gambling fell 9.2 percent from a year earlier, New Jersey’s Department of Gaming Enforcement released on Feb. 12. Those findings could be the precursor to what gambling experts predicted when online casinos in New Jersey was at the proposal stages: That the legislation would hurt the state’s brick-and-mortar casinos.
New Jersey’s online casino earnings amassed nearly $9.5 in January, up from $7.4 million reported in December, the first month in which it was legal. Perhaps more telling about the popularity of online gambling was that 197,782 internet gambling accounts were created from Nov. 21, 2013 to Jan. 31, 2014.
Online Gambling Has Brick-and-Mortars Exploring Options
Instabill has been tracking the evolvement of online gambling in the Garden State, as well as other states, since last year. Though it is still in its infancy, it is worth noting that physical casino gambling is down 186.3 million from January of 2013. All of New Jersey’s brick-and-mortar casinos are located in Atlantic City and six of them – Borgata, Caesar’s, Golden Nugget, Tropicana, Trump Plaza and Trump Taj Mahal – have attempted to offset internet gambling competition by offering their own internet casinos.
Craig Abrahams, chief financial officer of Caesar’s Entertainment Corporation’s interactive business, told Bloomberg News this week that there are options to come, such as e-gambling products for smartphones and tablets.
“It’s still early days in the development of the New Jersey market,” he said. “We’re encouraged by our results.”
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Internet gambling is considered a high-risk industry, and Instabill has been finding high-risk merchant account solutions since 2001. Instabill has built a large network of domestic and offshore with which it has paired merchants for high risk solutions. To open your online gambling merchant account, contact an Instabill merchant services representative today at 1-800-318-2713.