Another record-breaking month has come and gone for New Jersey’s online gambling industry, as the state reported yet another increase in internet gambling revenue. According to the latest figures released by the New Jersey Division of Gaming Enforcement, online gambling revenue reached a staggering $87.7 million in October, marking the fourth consecutive month of record-breaking revenue for the Garden State.
While online gambling continues to thrive, in-person gambling establishments in New Jersey are continuing to struggle amidst the ongoing COVID-19 pandemic. Atlantic City casinos reported a 20% decrease in revenue compared to the same period last year, highlighting the stark contrast between the online and brick-and-mortar gambling sectors in the state.
The surge in online gambling revenue can be attributed to a number of factors, including the continued closure of land-based casinos, the convenience and accessibility of online gambling platforms, and the increasing popularity of virtual sports betting. With many residents still practicing social distancing and staying home due to the pandemic, the appeal of online gambling has only continued to grow.
In addition to the rise in revenue, October also saw a significant increase in the number of new online gambling accounts being opened in New Jersey. With over 113,000 new accounts created during the month, the state’s online gambling market is showing no signs of slowing down.
While online gambling continues to flourish, the future remains uncertain for Atlantic City’s struggling casinos. With restrictions on capacity and a decline in tourism, these establishments are facing an uphill battle to recover from the financial losses incurred during the pandemic.
Despite the challenges faced by the land-based gambling sector, New Jersey’s online gambling industry is expected to continue its record-breaking streak in the coming months. With more players turning to online platforms for their gambling needs, the state’s internet gambling market is poised for continued growth and success.
