Whether New Jersey governor Chris Christie signs through the state’s iGaming bill or simply lets the time pass so that it automatically becomes a reality, the benefits to the state are plain to see and are giving mounting support to the bill being signed.
The latest information to come out is in the shape of an economic development study, released by the Interactive Media Entertainment and Gaming Association. It again shows that regulation will give the state’s economy the shot in the arm it really needs – something the puritans really won’t approve of.
According to the study, the iGaming Bill could offset the Garden State’s budget deficit, with up to $7billion and 57,000 relying on the iGaming legislation being signed by Gov. Christie.
The report, which was entitled “Potential Economic and Fiscal Impacts of the Proposed New Jersey Intra-State iGaming Bill,” indicates that the total amount earned by employees working in the iGaming industry will reach $2billion. Add to this an estimated figure of $472million in total New Jersey tax revenues and you can see why there’s a clamor for it to be passed.
Joe Brennan Jr, iMEGA Chairman, explained; “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 the state, except for the obvious monetary gain, is that as the first state to adopt legislation it will become the hub for nationwide iGaming. There’s little time left for Christie to make his decision, and it should be expected very soon.