Over the past month, the online gambling industry in the state of New Jersey has grown considerably. Not only are players logging in at record numbers and spending more than ever on betting, the operators and service providers in the state are also growing. This week, it was announced that the New Jersey Division of Gaming Enforcement (DGE) approved iGaming Cloud’s subsidiary Gaming Innovation Group (GiG) for licensing. They can now offer online casino gaming in the state.
Official Approval
GiG was provided a casino service industry enterprise license, an option that is good for five years. With the license, the supplier can offer its platform to operators in the online casino industry of the state. In mid-2018, GiG applied for the license and received a transactional waiver. The company then began supplying Hard Rock International with online casino and sports book options.
It took over two years for GiG to be officially approved for the new license. The company called the approval a great achievement and it gives them solid confirmation that the platform, procedures and operations they provide meet the highest industry standards.
The supplier has been quite busy this year as they awaited approval. Back in February, the company signed an agreement to sell its B2C assets to Betsson. This included such assets as Guts and Rizk. They made the deal to focus on media and B2B operations.
In June, the company was approved for a vendor minor sports betting license in Colorado. The license was signed by World Sports Network, the flagship affiliate website of GiG.
Massive Potential
GiG will be joining the market officially in New Jersey at a time when the industry is booming. For years, New Jersey has been the top state when it comes to online casino gaming and over the past few months, has only continued to see growth in bets placed and revenues earned.
Analysts have said in the past that they worry about over saturation of the market, due to so many services being available. Even with new services coming in, the market continues to make room. Recent figures show that during the first six months of the year, from January to June, the state earned just over $422 million in revenues. This number is already close to the full year of earnings from 2019.
Several months this year have seen over $80 million in revenues. The crazy amount can be somewhat contributed to the coronavirus outbreak. As land-based casinos were closed for a few months to slow the spread, online gambling grew.
But while the online gambling industry got a boost from closed casinos, it is not the only reason that the industry continues to grow. It seems that players in the state just have an appetite for online gambling. Players enjoy spending time playing online table games, slots and live dealer.
With the addition of GiG, the players in the state will now have access to even more great content. It is unclear when GiG might start working with other providers in the state aside form Hard Rock, but we will stay tuned and report any new information as it is made available.
