Home News New Jersey Sets Up Task Force as Gambling Revenue Soars

New Jersey Sets Up Task Force as Gambling Revenue Soars

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Gambling as an activity has never been static but instead, has reflected the state of the world. These days, we can gamble with more ease than ever before thanks to the internet and the myriad of gambling apps and websites it provides.

You can also gamble with more types of currencies than before. Instead of just using fiat currency, you can opt for digital assets of all kinds. If you’re a privacy-conscious consumer, you can use one of the best anonymous casinos without KYC, as outlined by Viraj. Using crypto to play at an anonymous casino means your privacy is fully protected. Whatever gambling experience you want to enjoy, it can be met.

It comes as no surprise then that gambling revenue in New Jersey has seen an increase just as the governor has approved a new task force to monitor the sector.

The Profitable World of Gambling

Thanks to a decades-long legacy of supporting the gambling sector, New Jersey typically reports healthy returns from betting. This is reflected in a recent report from the New Jersey Division of Gaming Enforcement, though not all sectors shared the same fortunes. As per the report, online casinos in the state reported revenues of $192 million for the month of May 2024.

This represents a 19% year-over-year increase and spells good things ahead for the sector. Online casinos have also seen a $2.57 billion year-to-date revenue, which is a 13.1% increase compared to the same period from last year. Casinos in Atlantic City are also faring positively as the Division reports May as their second most profitable month in history.

5 out of the 9 casinos reported that they saw increased profits in May 2024 compared to the previous year. This included the Hard Rock Cafe which was up 28.6%, the Golden Nugget up by 7.1%, and Ocean Casino up by 6.6%.

But even amidst all this good news, sports betting actually saw a dip in the same period. 6 out of the 11 retail sportsbooks reported more payouts than inflows for that month and sports betting operators reported a 26% dip in revenue from April to May. While this does not put a complete damper on the good news, it is worth noting all the same.

New Jersey’s Task Force

New Jersey Governor Phil recently signed Executive Order No. 360 which establishes a Responsible Gaming Task Force. This force will be responsible for giving recommendations to both his office and that of the Attorney General on possible reforms to promote responsible gambling in the state.

In the official announcement, New Jersey’s status as a leader in the gambling world was noted and will underpin the work of this Task Force.

“New Jersey is known to be a gaming destination with historic locations like Atlantic City, amusement gaming at the Jersey Shore, notable horse racing venues, and more. This Task Force will see to it that we maintain our global leadership in gaming by ensuring that we have the tools needed to address problem gaming for our residents,” Governor Murphy said.

The Rise of Online and Crypto Gambling

These two developments reveal a lot about the modern gambling scene, mainly that the conveniences offered by technology mean that more people than ever will feel comfortable gambling.

Taking away physical resources has opened up gambling to a whole new demographic and the addition of digital assets like cryptocurrency only adds to its appeal. Current stats show that gambling with crypto is well on track to match gambling with fiat in a few decades and this is thanks to the myriad of benefits that come with it.

Gambling with crypto offers, for example, the opportunity for double profit for investors. The value of the dollar is unlikely to change but tokens like Bitcoin and Ether see their values go up and down all the time, Winning these tokens could mean your profit doubling and tripling so it comes as no surprise that more people are opting for these assets.

There is also the matter of privacy and control. Gambling with fiat currency typically means using a bank card and this can come with some restrictions. People have had their transactions limited or accounts frozen but this does not happen with cryptos. Their decentralized nature means that no one can stop or restrict the activities of a crypto wallet besides the owner. From a privacy perspective, crypto-focused casinos have more flexibility in terms of the personal details players need to give up.

Some require as much information as a ‘traditional’ casino and others don’t even need an email address. Depending on the token used, crypto gambling can save consumers both time and money. With all these in mind, we can expect more people to gamble with such assets.

While the task force set up by the governor will mostly focus on risky gambling and hasn’t explicitly mentioned crypto gambling, it would be beneficial for the subject to be touched on. As beneficial as crypto gambling has proven to be, it is also a very novel concept that is not fully mainstream yet.

As it becomes mainstream, consumers will have a bit of a learning curve to overcome and this comes with its own pitfalls. Gambling with crypto is often trickier than gambling with fiat currency as crypto transactions are non-reversible and those who are not used to using them will need to be educated.

Then there is the risk of scammers as some people will look to take advantage of others’ ignorance and swindle them of their earnings. Governments around the world have put out warnings and statements to educate crypto users on how to stay safe while gambling, trading, and so on. As New Jersey is looking towards a future of more prosperous betting, it will have to prioritize the safety and well-being of its consumers, whether they are betting with fiat or crypto, on land casinos, or on the myriad of online platforms.