The news comes as recent developments, including the legalization of online gambling in Pennsylvania, offer signs that the industry's momentum will continue to build, according to analysts from PlayNJ.
"Topping 2016's revenue tally two months before the end of the year is the clearest signal yet that demand for the legal online gambling industry's products has not yet peaked," said PlayNJ lead analyst Steve Ruddock.
The state's regulated online casinos combined to generate US$20.6 million in October, according to the New Jersey Monthly Internet Gross Revenue Report, released by the state's Division of Gaming Enforcement.
October marked the eighth consecutive month that the state's regulated online casinos have collected more than US$20 million in combined revenue from online poker and casino games. The October total is up from the US$20.4 million generated in September and up 23% from US$16.7 million in October 2016.
More impressively, New Jersey's online casinos have now generated US$204.2 million in gross revenue for 2017 through 31 October, crossing the $200 million milestone for the first time and leaping past the US$196.7 million record for annual revenue that the industry set in 2016. New Jersey is on pace to generate nearly a quarter of a billion dollars in gross revenue from legal online gambling by year's end.
Since New Jersey legalized and regulated online gambling in November 2013, the Garden State's online casinos have collected US$682.6 million in lifetime gross revenue. That has poured US$119.4 million in tax revenue into state coffers.
The future of the industry brightened even more this month after Pennsylvania became the fourth state to legalize and regulate online gambling, joining New Jersey, Delaware and Nevada.
Source: GMB
