Each month, the state of New Jersey releases statewide and individual casino earnings data to the public. While month after month online gambling revenues continue to increase in the state of New Jersey, for example, online gambling has yet to generate the amount of monthly income both the state and individual casinos had hoped for.
That being said, from March to April 2014 online gambling revenue increased by 15%, totaling $11.9 million in revenue.
While casinos are continually looking for new ways to attract the attention of new online gamers, when you look at all of the details it seems as if their targets could be met if the process was ironed out a bit.
Since the launch of online gambling in New Jersey in November 2013, one of the largest concerns is geo-targeting to ensure that gamblers are indeed within the state of New Jersey. Recent results show that geo-targeting has now reached 95% accuracy.
However, the largest area of opportunity has been identified by the Central Account Management System (CAMS). To date, a shocking 46% of all credit card transactions initiated to deposit funds into online gambling websites are declined by the credit card companies. The exact amount of lost revenue this results in is difficult to determine but is sure to be significant.
Furthermore, some credit card companies (such as American Express) prohibit online gambling deposits because they see the transactions as “high-risk.” When looking at other credit cards, 44% of Visa deposits are successful, and 73% of MasterCard deposits are successful. Until these percentages rise, online gambling in New Jersey may not flourish as planned.
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