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New Interest Group to Represent Online Gambling in the U.S.

iDevelopment and Economic Association Lately, we have seen a lot of news about the legalization of online gambling in the United States which include the attempt to legalize online gambling in New York.  As the legalization of sports betting and online gambling is making more headway every year, it was only a matter of time before a new interest group would be formed to represent the legalization of online gambling.

This week, the iDevelopment and Economic Association (iDEA) announced its formation as the first trade association to exclusively represent the online gambling industries in the United States. The goals of iDEA is to advocate the many different types of internet gambling which include online poker, bingo, sports betting, casinos (digital and live dealer) and lotteries.

The first thing the group has done so far is to publish a white paper called, “Economic Impact of New Jersey Gaming: Lessons Learned” which is a case study on how New Jersey passed their online gambling law and how it affected their economy.

Several online sportsbook software companies have been using this model to help them sell their product as it goes into details how the gambling industry in New Jersey is now generating more than $20 million a month in gaming revenue. Here are some of the more interesting data of the study and how it profited the state of New Jersey:

  • Created $998.3 million in output
  • Created 3,374 jobs
  • Created $218.9 million in wages to employees, and
  • Created $124.4 million in tax revenue to state and local governments (including $83.5 million in iGaming taxes).

In addition, the New Jersey iGaming laws is not just a financial success but also an online regulatory one as they have some of the strictest iGaming regulations in the world and there has been no increase in underage gambling, money laundering, fraud or cheating since their online gambling regulations went into effect.

So far, more than 20 gaming operators have joined iDEA.  These operators include gaming operators, gambling software providers, online payment processing companies and other companies that relate to the iGaming industy which include:

  • Tropicana
  • Golden Nugget
  • Resorts
  • Amaya
  • Gamesys
  • GVC
  • IGT
  • NYX
  • PaddyPower / Betfair
  • Pala Interactive
  • PaySafe
  • Vantiv

iDEA believes that the success of iGaming in New Jersey can be duplicated anywhere else in the United States and that other States are seriously considering adding iGaming to their portfolio this year.  This includes Pennsylvania, New York and Illinois.

 
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