New Jersey Internet Gambling Sets New Record at $198M in Revenue, but Land Casinos Lag
In a surprising turn of events, New Jersey’s internet gambling industry has soared to new heights, reaching a record-breaking $198 million in revenue for the month of July. This staggering figure comes as a stark contrast to the state’s land-based casinos, which continue to struggle in the wake of the COVID-19 pandemic.
According to data released by the New Jersey Division of Gaming Enforcement, online gambling revenue in July represented a 33% increase compared to the same month last year. This significant growth can be attributed to a number of factors, including the continued popularity of online gaming platforms and the convenience of being able to gamble from the comfort of one’s own home.
In contrast, New Jersey’s land-based casinos have experienced a decline in revenue, with many establishments reporting lower than expected earnings for the month of July. This can be attributed to a number of factors, including ongoing capacity restrictions, reduced operating hours, and a hesitancy among some patrons to return to crowded public spaces.
Despite the challenges facing the state’s brick-and-mortar casinos, industry experts remain optimistic about the future of New Jersey’s gambling industry. With the recent launch of several new online gaming platforms, as well as the continued expansion of sports betting offerings, the state is well positioned to capitalize on the growing demand for online gambling options.
In a statement to U.S. News & World Report, New Jersey Governor Phil Murphy praised the resiliency of the state’s gambling industry, noting that the record-breaking revenue figures are a testament to the hard work and dedication of industry stakeholders.
“New Jersey’s internet gambling industry has proven to be a valuable asset to our state, generating millions of dollars in revenue and creating thousands of jobs,” said Governor Murphy. “While our land-based casinos may be facing challenges, our online gaming sector continues to thrive, providing a much-needed source of revenue during these uncertain times.”
As the world continues to grapple with the ongoing effects of the COVID-19 pandemic, New Jersey’s internet gambling industry stands as a shining example of resilience and adaptability. With record-breaking revenue figures and a bright future ahead, it’s clear that the state’s online gaming sector is here to stay.