In a landmark moment for the online gambling industry in New Jersey, iGaming revenue has exceeded $200 million for the first time. This achievement comes at a time when Atlantic City, once the gambling capital of the East Coast, is facing financial struggles.
According to data released by the New Jersey Division of Gaming Enforcement, iGaming revenue for the month of October reached $237.6 million, a 71% increase over the same month last year. This impressive growth can be attributed to the increasing popularity of online gambling among New Jersey residents and visitors alike.
Online casino games accounted for the majority of iGaming revenue, bringing in $208.6 million in October. This represents a 64.7% increase compared to the previous year. The remaining revenue came from online poker, which saw a modest increase of 27.8% to $29 million.
The success of New Jersey’s iGaming industry stands in stark contrast to the struggles facing Atlantic City’s brick-and-mortar casinos. The city, which has long been known as a gambling mecca, has been grappling with declining revenue and competition from neighboring states.
In recent years, several of Atlantic City’s casinos have closed their doors, leaving many residents and employees without jobs. The city’s economy has taken a hit as a result, with local businesses suffering from the loss of revenue generated by tourists and casino-goers.
While iGaming has provided a much-needed boost to New Jersey’s gambling industry, it has also raised concerns about the impact on traditional casinos in Atlantic City. Some experts worry that the convenience and accessibility of online gambling could lead to a further decline in foot traffic at brick-and-mortar casinos.
Despite these challenges, New Jersey officials remain optimistic about the future of the state’s gambling industry. They believe that iGaming will continue to grow and innovate, attracting new players and revenue streams.
As the iGaming industry in New Jersey continues to thrive, it is clear that online gambling has become a force to be reckoned with. With revenue surpassing $200 million for the first time, the state’s iGaming market is poised for even greater success in the years to come.
