An economic development study released by the Interactive Media Entertainment and Gaming Association (iMEGA) shows how regulating igaming could help revive New Jersey's economy.
The long-term financial benefits of the state’s online gambling bill (S490) are being heralded as a major catalyst for the recovery of New Jersey’s ailing economy, as well as a launch pad for its employment sector, as it seeks to become the capital of regulated igaming in the US.
According to the study, the mechanics of the proposed bill will see the long-term creation of up to 57,000 new jobs (employees earning up to US$2bn in personal income) contributing to a potential $7bn in gross igaming yield. This will provide an estimated $472m in total New Jersey tax revenues.
Joe Brennan Jr, iMEGA chairman, commented: “The economic benefit has the potential to extend far beyond the available gaming tax yield.
“What has made this compelling for New Jersey is the opportunity for job creation in a high-tech sector, as well as the ability to attract significant investment dollars to the State. New Jersey wants to be the capital of igaming, and with all of the infrastructure, workforce, regulatory and location advantages, it very well could be.”
The long-term benefit for New Jersey is seen in the report as the state’s “first mover” advantage in becoming the business hub for a nation-wide igaming industry, stating: “Successful enactment of the proposed legislation could generate economic and fiscal benefits that far exceed those associated with an intraState system. In particular, passage of this legislation could allow New Jersey to become the business hub of a burgeoning new industry, exporting services to and generating income from gamers throughout the country.”
