WASHINGTON, Aug. 15, 2019 /PRNewswire/ -- iDEA Growth, a trade association representing all sectors of the online gaming and entertainment industry, reminded states today that mobile gaming is a financial win. The July 2019 Total Gaming Revenue Results from the New Jersey Division of Gaming Enforcement showed that total gaming revenue for the state in July was $334.4 million, up 10.7% from July 2018, with online gaming reaping the majority of revenue at $316.5 million, and sports betting totaling $3.8 million. In comparison to last year, online gaming revenue increased 51.8% since July 2018.
- The industry's total gaming revenue year-to-date was $1.925 billion compared to $1.563 billion in July of 2018, an increase of 23%. The addition of legalized sports betting in New Jersey since mid-2018 has spurred the overall gaming revenue increase.
- Nearly 85% of sports bets were placed by mobile in the state in July.
- New Jersey brought in $28 million from gaming taxes in July, and sports betting brought in $4.5 million in taxes.
Jeff Ifrah, founder of iDEA Growth, said, "As we've seen consistently in New Jersey – month-after-month and year-after-year – iGaming continues to be a major revenue driver in the state of New Jersey since its launch in 2013. Offering the full suite of online gaming, including poker, casino and sports betting, is the smartest business move for states to maximize revenue and create jobs. It also provides important consumer protections by offering gamers secure and regulated gaming options."
iDEA Growth advocates for states to include a mobile provision to betting and gaming legislation to establish a competitive and regulated market. With nearly 85% of sports bets placed by mobile in New Jersey last month, it's a missed revenue opportunity for states not considering mobile. Learn more about the economic benefits of online gaming in New Jersey here: https://ideagrowth.org/research/, and the benefits of internet sports betting here:
iDEA (iDevelopment and Economic Association) is a 501(c)(6) association which seeks to grow jobs and expand the online interactive gaming business in the United States through advocacy and education.
SOURCE iDEA Growth