In a groundbreaking development for the world of online gambling, the state of New Jersey has achieved a new record in internet gambling revenue for the month of September, raking in an impressive $208 million. This marks a significant milestone for the state, as online gambling continues to boom in popularity and profitability.
According to data released by the New Jersey Division of Gaming Enforcement, the state’s online casinos and sportsbooks reported a 15.8% increase in revenue compared to the same month last year. This surge in revenue can be attributed to a combination of factors, including the ongoing COVID-19 pandemic, which has led to a rise in online gambling activity as people look for ways to pass the time while staying at home.
The impact of the pandemic on the gambling industry cannot be overstated, as traditional brick-and-mortar casinos have been forced to close their doors or operate at limited capacity to adhere to social distancing guidelines. This has resulted in a shift towards online gambling, which has proven to be a lucrative alternative for both players and operators.
New Jersey has emerged as a leader in the online gambling market, thanks in part to its robust regulatory framework and partnerships with major casino operators. The state legalized online gambling in 2013, becoming one of the first states in the US to do so, and has since seen steady growth in revenue and player participation.
The surge in online gambling revenue in September was driven primarily by casino games, which accounted for $189.7 million of the total revenue. Sports betting also saw a strong performance, generating $18.5 million in revenue during the month.
Industry experts attribute the record-breaking revenue to a combination of factors, including the return of major sports leagues such as the NFL, which has boosted sports betting activity, as well as ongoing promotional campaigns and bonuses offered by online casinos to attract new players.
Despite the impressive numbers, some experts caution that the record-breaking revenue may not be sustainable in the long term, as competition in the online gambling market continues to intensify. However, for now, New Jersey remains at the forefront of the online gambling industry, setting an example for other states looking to capitalize on the lucrative potential of this growing market.
