In April, the overall gambling revenue in New Jersey saw a significant increase of 10.4%, reaching a total of $374 million. This surge in revenue can be attributed to the continued growth of online gambling and sports betting in the state. However, despite the overall increase, in-person casino winnings were actually down during this period.
According to the New Jersey Division of Gaming Enforcement, brick-and-mortar casinos in Atlantic City reported a 3.2% decrease in revenue compared to the same time last year. This decline in in-person casino winnings comes as a surprise to many, considering the recent easing of COVID-19 restrictions and the increase in visitors to the city.
One possible explanation for the decrease in in-person casino revenue is the growing popularity of online gambling and sports betting. With more people opting to gamble from the comfort of their own homes, traditional casinos are facing stiff competition from their online counterparts. Additionally, the rise of mobile sports betting platforms has made it easier for people to place bets on their favorite sports teams without ever setting foot in a casino.
Despite the decline in in-person casino revenue, the overall gambling market in New Jersey continues to thrive. Online gambling revenue saw a 36.6% increase in April, reaching $101.6 million. Similarly, sports betting revenue also experienced a significant uptick, with a 271.7% increase compared to the same time last year.
The success of online gambling and sports betting in New Jersey highlights the shifting landscape of the gambling industry. With more people choosing to gamble online, traditional casinos are being forced to adapt to the changing preferences of their customers. It remains to be seen how brick-and-mortar casinos will respond to this evolving trend and whether they will be able to regain their footing in the market.
Overall, the increase in New Jersey’s gambling revenue demonstrates the resilience and adaptability of the state’s gambling industry. As online gambling and sports betting continue to grow in popularity, it will be interesting to see how traditional casinos navigate this new competitive landscape.
