In the midst of a global pandemic that has severely impacted the gambling industry, the state of New Jersey has seen a surge in online gambling revenue, reaching record highs as in-person casinos continue to struggle.
According to data released by the New Jersey Division of Gaming Enforcement, online gambling revenue in the state reached $87.6 million in the month of July, a significant increase from the $39.2 million reported in the same month last year. This marks the highest monthly total for online gambling revenue in the state since it was legalized in 2013.
The surge in online gambling revenue comes as in-person casino revenue continues to decline, with brick-and-mortar casinos in the state reporting a 29% decrease in revenue compared to the previous year. The ongoing impact of the COVID-19 pandemic, including capacity restrictions and social distancing measures, has led to a significant decrease in foot traffic at physical casinos, prompting many gamblers to turn to online platforms instead.
New Jersey’s online gambling market has been steadily growing in recent years, with online casino games and sports betting generating over $970 million in revenue for the state in 2020. The state’s decision to legalize online gambling has proven to be a lucrative move, helping to offset losses in the brick-and-mortar casino sector during the pandemic.
Industry experts attribute the success of New Jersey’s online gambling market to a combination of factors, including the convenience of being able to gamble from the comfort of home, the wide variety of games available on online platforms, and the aggressive marketing efforts by online gambling operators. With more people spending time at home due to the pandemic, online gambling has become an increasingly popular form of entertainment for many.
Despite the challenges faced by in-person casinos, industry analysts remain optimistic about the future of New Jersey’s gambling market. The state’s online gambling sector is expected to continue its growth trajectory in the coming months, with new players entering the market and existing operators expanding their offerings to attract more customers.
Overall, New Jersey’s online gambling market continues to thrive, providing a much-needed source of revenue for the state during a time of economic uncertainty. As the industry continues to evolve and adapt to changing circumstances, online gambling is likely to remain a key driver of growth in the state’s gambling sector for years to come.