New Jersey’s online gambling industry has reached a new milestone, with iGaming hitting a record high of $208.1 million in monthly revenues. This surge comes at a time when traditional in-person gambling has been on the decline due to the ongoing Covid-19 pandemic.
According to the latest data released by the New Jersey Division of Gaming Enforcement, the state’s online gambling market saw a 96.7% increase in revenues compared to the same period last year. This significant growth is attributed to the increasing popularity of iGaming platforms, as well as the closure of brick-and-mortar casinos and sportsbooks during the pandemic.
The surge in online gambling revenues has been a boon for New Jersey’s economy, as the state continues to recover from the financial impact of the pandemic. The record-breaking revenues generated from iGaming have helped offset the losses incurred by the closure of physical gambling establishments, providing a much-needed lifeline for the state’s struggling gaming industry.
Notably, online casino games accounted for the majority of the total iGaming revenues, with a staggering $190.9 million generated in February alone. This marks a 106.8% increase from the same period last year, highlighting the growing popularity of virtual casino games among New Jersey residents.
Additionally, online sports betting also saw a significant increase in revenues, with $17.2 million generated in February. While this figure represents a modest 18.1% increase from the previous year, it is still a positive sign for the state’s sports betting market, which has seen a decline in revenues due to the cancellation of sporting events during the pandemic.
The success of New Jersey’s online gambling industry has been attributed to the state’s early adoption of legalized online gaming and sports betting. Since launching its iGaming market in 2013, New Jersey has emerged as a leader in the online gambling industry, attracting a large number of operators and players from across the country.
As the state continues to navigate the challenges posed by the pandemic, the record-breaking revenues generated by iGaming provide a glimmer of hope for New Jersey’s gaming industry. With the popularity of online gambling showing no signs of slowing down, it is expected that iGaming will continue to play a significant role in the state’s economic recovery in the months to come.
