New Jersey has seen a staggering rise in online betting revenue during the early stages of 2024 – but in-person gambling has taken a huge hit.
Online Betting Revenue In New Jersey
The online gambling market in New Jersey has been on a consistent rise in recent times and internet casinos are contributing to a large percentage of bets.
In February 2024, $182million was won by Atlantic City’s casinos and other online sources – in a highly lucrative month for New Jersey.
The Division of Gaming Enforcement revealed figures for the month, which highlighted a strong spell for sports betting due to the Super Bowl.
This is highlighted by the $461m made in February from sports bets in casinos and racetracks – a 12% rise from the same month in 2023.
In contrast, the nine casinos located in Atlantic City secured $211.5m through physical gamblers, which was a 1.6% decrease from 2023.
Only three of the nine casinos won more in February 2024 than they managed in 2019, as the COVID-19 pandemic caused a huge dip.
New Jersey gambling regulators reported that the casinos taking sports bets, which sits at three, won $461m in February (with online casinos included) and increased by 12% from last year.
A member from the regulators said: “Remote gaming options continue to be critical for Atlantic City’s gaming operations, especially in the shoulder months when seasonal weather patterns are most likely to keep gamblers at home,”
“Despite an extra day in the month, a wet and wintry February kept brick-and-mortar revenues for Atlantic City casinos modest.”
The decrease in physical gambling is a major issue for casinos, as the money made through this facet is crucial to their stance within the business.
Online gambling revenue has to be split in different ways, as it requires sports books and technology developers – meaning the casinos don’t take in the full amount.
All Revenue Combined: February 2024
Borgata: $98m (down 3.1% from Feb. 2023)
Golden Nugget: $62.9m (up 31%)
Hard Rock: $55m (up 24%)
Ocean: $37.6m (up 25%)
Tropicana $30m (up 15%)
Bally’s: $19m (up 5%)
Harrah’s: $18.7m (down 11%)
Caesars: $16.2m (down 15.5%)
Resorts: $12.1m (down 4.3%)
When looking at online gambling, Resorts Digital won $72.2, which is a huge increase of 50% compared to 2023 and Caesars Interactive Entertainment NJ won $5.5 million, a decrease of 33%.
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