The New Jersey online casino market has a new operator.
PointsBet announced Friday that it has received approval from the New Jersey Department of Gaming Enforcement and has launched its iGaming platform in the state, which has one of the top online casino markets in the U.S. PointsBet Sportsbook had already been live in New Jersey.
New Jersey is the second state PointsBet, an Australian gaming company, has gone live with iGaming, launching in Michigan in May.
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“We are thrilled to be able to expand our iGaming presence in the United States and bring our proprietary online casino product to the robust New Jersey market,” PointsBet Group CEO and Managing Director Sam Swanell said in a news release. “The continued growth of our iGaming presence further advances our ability to acquire and retain premium clients, complementing our existing sports wagering products.”
Since PASPA was repealed in May 2018, iGaming has grown quickly with New Jersey, Pennsylvania, Michigan and West Virginia revenue from iGaming reached nearly $900 million in the second quarter of 2021, according to the release.
Strong NJ iGaming Market
Revenue from New Jersey iGaming was just over $107 million in June, according to figures released by the state on July 16. That was up 26.1% from June 2020 ($84.9 million). Internet gaming win in the first six months of 2021 increased 50% to $634.2 million when compared to the prior period.
“The fact that it (iGaming) still continues to increase year-over-year suggests the market has not yet reached its full potential even as in-person gaming returns to full operations,” Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University in Galloway, said when the figures were released last week.
Online casino gaming activity increased during the coronavirus pandemic as Atlantic City casinos were hit hard by capacity restrictions.
NJ sports betting handle continues to lead the U.S. It reported total handle of $767 million in June.
