New Jersey’s online gambling industry continues to break records, with the state reporting another all-time high in internet betting revenue in the month of August. This news comes as brick-and-mortar casinos in Atlantic City are still struggling to recover from the effects of the COVID-19 pandemic.
According to the New Jersey Division of Gaming Enforcement, internet gaming revenue reached $117.3 million in August, a 32% increase from the same month last year. This marks the 18th consecutive month of year-over-year growth for online gambling in the Garden State.
While online gambling thrives, the situation is quite different for in-person casino winnings. Brick-and-mortar casinos in Atlantic City saw a 7.5% decrease in revenue in August compared to the previous year, bringing in $297.1 million. This marks the third straight month of decline for the physical casino industry in New Jersey.
The discrepancy between online and in-person gambling revenue can be attributed to several factors. Firstly, the convenience and accessibility of online gambling platforms have become increasingly popular among consumers, especially during the pandemic when many were cautious about visiting crowded spaces. Additionally, online casinos offer a wider variety of games and betting options, attracting a larger and more diverse audience.
Another factor contributing to the success of internet gambling is the robust marketing and promotional strategies employed by online casinos. Many sites offer generous bonuses and rewards to new and existing players, enticing them to continue playing and spending money on their platforms.
The success of online gambling in New Jersey is a clear indication of the shifting landscape of the gambling industry. As technology continues to advance and consumer preferences evolve, it is likely that internet betting will continue to dominate the market in the years to come.
Despite the record-breaking revenue numbers for online gambling, the struggles facing the in-person casino industry in Atlantic City are a cause for concern. As the city’s economy heavily relies on tourism and casino revenue, it is essential for brick-and-mortar casinos to find ways to attract customers and enhance their offerings in order to compete with the growing online gambling sector.
Overall, the latest figures from New Jersey’s gambling industry paint a complex picture of the current state of affairs. While internet gambling continues to soar to new heights, the challenges facing traditional casinos highlight the need for innovation and adaptation in a rapidly changing industry landscape.
