In a surprising turn of events, New Jersey’s online gambling market has set a new revenue record in the month of August, according to data released by the state’s Division of Gaming Enforcement. The Garden State’s online gambling industry saw a whopping $118.9 million in total revenue for the month, surpassing its previous record set just last month in July.
The record-breaking revenue figures can be attributed to a number of factors, including the continued growth of online gambling in the state, as well as the ongoing impact of the COVID-19 pandemic, which has forced many people to stay at home and seek out alternative forms of entertainment.
According to the data, online casino gaming accounted for the majority of the revenue, bringing in $93.6 million in August. This figure represents a 40.8% increase from the same month last year. Online sports betting also saw significant growth, generating $25.2 million in revenue, a 111.3% increase from August 2020.
New Jersey’s online gambling market has been on an upward trajectory for several years now, with revenue consistently setting new records each month. The state legalized online gambling in 2013, and it has since become one of the largest and most successful markets in the country.
The success of New Jersey’s online gambling market has also had a positive impact on the state’s brick-and-mortar casinos. Despite the challenges posed by the pandemic, many of the state’s casinos have seen a resurgence in revenue thanks to their online gambling offerings.
Industry experts predict that New Jersey’s online gambling market will continue to grow in the coming months, especially as more states across the country legalize online gambling. With a strong regulatory framework in place and a thriving market already established, New Jersey is poised to remain a leader in the online gambling industry for the foreseeable future.
Overall, the record-breaking revenue figures in August are a testament to the resilience and strength of New Jersey’s online gambling market, and a sign of continued growth and success in the months and years to come. As online gambling continues to gain popularity and acceptance, it is clear that New Jersey is leading the way in this rapidly expanding industry. This record-breaking revenue is just the beginning, and the future of online gambling in New Jersey looks brighter than ever.