New Jersey’s online gambling industry has once again shattered records, with the state reporting a staggering $109 million in internet gambling revenue for the month of September. This marks the fourth consecutive month that the Garden State has set a new high in online gaming earnings, further solidifying its position as a leader in the burgeoning online gambling market.
While online gambling continues to soar, land-based casinos in Atlantic City are still struggling to recover from the impact of the COVID-19 pandemic. In-person casino revenue for the month of September was down 33% compared to the same time last year, highlighting the stark contrast between the two sectors.
The surge in online gambling revenue can be attributed to several factors, including the continued closure of physical casinos due to the pandemic, as well as the convenience and accessibility of online betting. With more people staying at home and looking for entertainment options, online gambling has seen a significant increase in popularity.
New Jersey’s online gambling market is dominated by a handful of operators, including industry giants like DraftKings, BetMGM, and FanDuel. These companies have seen a massive uptick in users and revenue, as more people turn to online gambling as a way to pass the time and potentially win big.
In addition to the record-breaking revenue figures, New Jersey’s online gambling industry has also seen a surge in new accounts and bets placed. The state reported over 781,000 newly registered online gambling accounts in September, a 112% increase from the same time last year. This influx of new players has resulted in a significant increase in the total amount of money wagered, with the state reporting over $1.8 billion in online betting handle for the month.
Despite the success of the online gambling industry, experts caution that it may not be sustainable in the long term. As more states legalize online gambling and competition increases, New Jersey’s dominance in the market could be challenged. Additionally, the eventual reopening of physical casinos could draw customers away from online platforms, leading to a decrease in revenues.
Overall, New Jersey’s record-breaking internet gambling revenue is a testament to the state’s forward-thinking approach to regulation and innovation in the gambling industry. As online gambling continues to grow in popularity, it will be interesting to see how the market evolves and whether New Jersey can maintain its position as a leader in the industry.
