Another record-breaking month for New Jersey’s online gambling industry has raised eyebrows as traditional in-person casinos continue to struggle amidst the ongoing pandemic.
According to data released by the New Jersey Division of Gaming Enforcement, the state’s internet gambling revenue soared to an all-time high of $87.7 million in September, marking a 113% increase from the same month last year. This milestone comes on the heels of several consecutive months of record-breaking revenue for the online gambling sector, further solidifying New Jersey’s position as a leader in the rapidly growing online gambling market.
The surge in online gambling revenue can be largely attributed to the closure of in-person casinos and sports betting venues due to the COVID-19 pandemic. With brick-and-mortar casinos operating at limited capacity or remaining closed altogether, many gamblers have turned to online platforms to satisfy their gaming needs.
“The pandemic has forced us to adapt and find new ways to entertain ourselves, and online gambling has become a convenient and safe option for many people,” said industry analyst Sarah Thompson. “With the convenience of being able to gamble from the comfort of your own home, coupled with the wide variety of games and betting options available online, it’s no surprise that we’re seeing such a dramatic increase in online gambling revenue.”
While online gambling continues to thrive, the traditional casino industry in Atlantic City is facing significant challenges. Many casinos are struggling to attract customers amid health and safety concerns, leading to a decline in revenue and massive layoffs in the sector.
“The online gambling boom is definitely overshadowing the struggles of the in-person casino industry right now,” said Thompson. “It will be interesting to see how the landscape of gambling in New Jersey continues to evolve in the coming months as the pandemic persists.”
Despite the challenges faced by in-person casinos, New Jersey’s overall gambling revenue for September reached $323.3 million, a 6.5% increase compared to the same month last year. This increase can be largely attributed to the success of online gambling, which is on track to generate over $900 million in revenue for the state by the end of 2020.
As the online gambling industry in New Jersey continues to flourish, it remains to be seen how traditional in-person casinos will adapt to the changing landscape of the gambling market in a post-pandemic world. For now, online gambling appears to be the driving force behind the state’s record-breaking revenue numbers, with no signs of slowing down anytime soon.
