Last updated on September 28th, 2024 at 03:33 pm
The New Jersey online gambling market achieved a new record with its revenue of $198 million in August. It showed that more people opt for online gambling instead of visiting land-based casinos in Atlantic City.
Online gambling is increasing, while brick-and-mortar casinos are still reeling from the effects of the epidemic. Thus, these figures provide a fascinating account of the surprising shifts in gambling in New Jersey that occurred only a short time ago.
According to bookie pay per head software experts, online gambling brought in $198.4 million for the state in August 2024—a record-breaking sum! The trend of more individuals betting online rather than at brick-and-mortar casinos shows no signs of abating.
The 28% increase in sales over the previous year indicates the rapid expansion of the internet sector. The rise in online gambling demonstrates the significance of digital platforms.
New Jersey Online Gambling Market
According to Jane Bokunewicz, a gambling researcher from Stockton University, online betting is now a significant contributor to Atlantic City’s overall earnings. Four out of the last eight months have seen online gambling revenues surpass $190 million. The state’s gambling economy is starting to revolve around internet gambling, which is no longer a sideshow.
But things are different in Atlantic City’s world-renowned casinos. While their August 2024 earnings were up 4.9% from the previous year, they are still far from where they were before the global pandemic hit. The $294 million in revenue from in-person gaming in August remains insufficient to restore most casinos to their former glories.
Three of the nine establishments outperformed their August 2019 figures with their gambling services. A mere 1.6% increase brought $74.2 million for Borgata’s in-person gamblers. With $55.3 million in revenue, a 9.2% increase, Hard Rock had a solid month. With a whopping rise of 11.4% and $44 million in earnings, Ocean Casino topped the list. However, six casinos are still reeling from losing customers and doing their best to win them back.
Sports Betting Revenue Grows
Regarding sports betting, August was not kind to the sportsbooks in New Jersey. Income from wagers on sporting events plummeted, falling 35% from the previous year.
While sports betting has been a massive success for the state, the $62.7 million gained in August 2024 significantly decreased from the enormous $96 million in August 2023. Why the sudden decline? This year’s income seems lower than expected because the previous year’s figures were very high.
As an analogy, think of 2023 as the year you struck the lottery and 2024 as a more typical year. There is still a significant drop for those who work in sports betting or manage sportsbooks.
Net income from all forms of gambling in New Jersey increased, except sports betting, which fell. This includes both online and in-person gambling. The state’s overall gambling profits in August 2024 were over $555 million, representing a 4.4% rise from the previous year.
Although specific gaming business sectors are struggling, overall, things look good. Thus, many people are learning how to be a bookie in the state.
The gaming scene in New Jersey is going through some changes right now. Traditional casinos are attempting to attract customers back into their establishments, but online gambling is taking all the attention. Although many of these casinos still view in-person gambling as their “core” business, the data indicates they should change their emphasis.
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