New Jersey’s Online Gambling Market Soars to New Heights: A Record September 2024
In an unprecedented surge, New Jersey’s internet gambling market has reached a new zenith in September 2024, with Atlantic City’s casinos and their partners garnering over $208 million in earnings. This remarkable achievement marks the first instance where monthly internet gambling revenues have crossed the $200 million threshold, showcasing the increasingly critical role online gambling plays in the state’s gaming industry, as noted by the New Jersey Division of Gaming Enforcement (NJDGE).
A Shift in Revenue Sources
While traditional in-person casino gambling remains a cornerstone for many establishments, the online segment is proving vital in sustaining the industry’s profitability. This shift is particularly significant, as many casinos still grapple with in-person earnings that have yet to rebound to pre-pandemic levels from 2019. Despite these challenges, combined in-person revenue for September 2024 slightly surpassed that of September 2019 by $6 million, indicating a partial recovery, though not all casinos shared in the gain.
The NJDGE’s report indicates that the overall financial landscape for New Jersey’s gambling sector is looking robust, largely fueled by a dual thrust of internet gambling and sports betting. This synergy pushed total revenue for casinos, their online partners, and two racetracks accepting sports bets to $558 million last month, marking a 7.1% increase compared to the same period in 2023.
Key Highlights from the Gaming Sector
James Plousis, chairman of the New Jersey Casino Control Commission, highlighted the significance of these impressive figures, stating, “The ongoing success of internet gaming helped push Atlantic City’s total gaming revenue to its highest figure for the month of September in over a decade. For the third consecutive month, total gaming revenue surpassed $500 million. Last year, total gaming revenue eclipsed $500 million only in August.”
This statement underscores the fact that New Jersey’s internet gambling has become a lifeline for many establishments that are still recovering from the prolonged effects of the COVID-19 pandemic.
Mixed Results Across Casinos
The distribution of earnings across Atlantic City’s casinos has presented a varied picture. Borgata led the pack with $62.4 million in in-person winnings, experiencing a 15% increase. In contrast, other establishments such as Ocean and Harrah’s faced declines; Ocean’s in-person winnings plummeted by 28%, while Harrah’s dipped 16.3%.
When factoring in internet and sports betting revenues, Borgata’s total climbed to $120.2 million, marking a 12% rise. Other casinos, such as Ocean and the Golden Nugget, showcased mixed results, reflecting the diverse impacts that online gaming has on traditional casino operations.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, provided insight into the evolving market dynamics. She remarked, “September’s numbers were a mixed bag, with soaring internet revenues that seemed to leave brick-and-mortar gaming revenues behind. Year-to-date internet gaming continues to represent a significant share of Atlantic City operators’ revenue mix, contributing 40.8% of the total revenue for the industry through the first three quarters of the year.”
The Future of Online Gambling in New Jersey
As New Jersey continues to break records with its internet gambling market, the implications for the overall gaming industry are profound. The increasing integration of technology into gambling experiences is fostering a new generation of players who prefer the convenience and accessibility of online platforms.
Looking ahead, New Jersey’s state policies, regulatory frameworks, and the evolution of gaming technology will undoubtedly shape the future trajectory of online gambling, providing both opportunities and challenges for traditional brick-and-mortar establishments.
In summary, as New Jersey’s internet gambling sector flourishes, its impact is felt across the region—transforming how casinos operate and laying the foundation for a future where digital gaming is intertwined with traditional casino experiences. The achievements of September 2024 not only demonstrate the resilience of the state’s gaming market but also highlight the potential for continued growth and innovation in the years to come.
