Take the money and run.
Like the classic Steve Miller song, you’d think more state governments across the U.S. would spot the golden revenue opporunity and cash in online gaming.
It’s simple math: Gamblers in nearly all corners of the United States spend millions of dollars each year on sports, casino games, lottery, poker and horse racing. Why don’t more lawmakers break with the past and make it legal, regulate it and grab those coveted tax dollars?
Let’s look at New Jersey. After the first 10 months of 2017, online gambling generated over $200 million in revenue for the state. It’s estimated the take will rise to about $250 million by year’s end, making it the most successful year in the history of the state’s online gambling ventur
Now consider Jersey isn’t exactly a big state. Just imagine the revenue potential in California, Illinois, Texas and NY.
It’s hard to believe anyone could turn down this amount of cash on a yearly basis, but as we know, most states do.
While the overall numbers are up, online poker revenue hasn’t kept pace each month — it’s down about 20% overall compared to last year. But here’s the interesting part. This trend should change when New Jersey, Nevada and Delaware start sharing operations. Pennsylvania, which legalized online gambling as well, could become part of this multi-state network.
Brilliant concept — and one that hints at a national gambling system.
Bottom line: It looks like the sky’s the limit when revenues and casino hauls are tabulated (casino revenues alone have brought in an astounding $20 million a month for the past eight months).
The overall revenues for New Jersey are up close to 31% this year while casino cash has risen by just over 23%. This amount of money is nothing to sneeze at and it’s mindboggling to see 46 states ignoring a simple, straightforward way to line their coffers.
How much longer can other states ignore this income source?