In a time when many industries have faced economic hardships due to the ongoing COVID-19 pandemic, one sector that has continued to thrive is online gambling. And in New Jersey, the state’s internet gambling revenue has reached another record high, according to recent reports.
Despite the challenges faced by the in-person gambling industry, which has seen a decline in revenue due to restrictions and closures in response to the pandemic, the online gambling sector in New Jersey has seen a significant boost. In fact, according to the New Jersey Division of Gaming Enforcement, the state’s internet gambling revenue for the month of March exceeded $100 million for the first time ever.
This record-breaking figure represents a 65% increase from the same month last year, when internet gambling revenue was just under $61 million. The surge in online gambling revenue can be attributed to several factors, including the closure of in-person casinos and the increasing popularity of online gambling platforms.
New Jersey has long been a leader in the online gambling industry, with a strong regulatory framework that has allowed the sector to flourish. The state was one of the first to legalize online gambling back in 2013, and since then, it has become a major hub for online gaming, attracting players from across the country.
The success of New Jersey’s online gambling industry has not gone unnoticed, with other states looking to replicate its model. Several states, including Pennsylvania, Michigan, and West Virginia, have already legalized online gambling, and more are expected to follow suit in the coming years.
The record-breaking revenue figures come at a time when the in-person gambling industry in New Jersey is struggling. Many casinos have been forced to operate at reduced capacity, leading to a decline in revenue. However, experts believe that the rise of online gambling could help to offset some of these losses.
Overall, the success of New Jersey’s internet gambling industry is a testament to the resilience of the sector in the face of unprecedented challenges. As more states look to legalize online gambling, it is clear that the industry is set to continue its upward trajectory in the years to come.
