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New Jersey online casinos earn $2 billion in lifetime revenue

  • by Stelly in Industry
  • September 8, 2020

In the midst of lockdown regulations, a return to some form of normalcy and Covid-19 stress, New Jersey online casinos experienced a record month in July 2020!

Atlantic City land-based casinos are slowly starting to reopen but their loss has been online gambling’s gain during the lockdown. And the proof is in the pudding.

NJ online casinos, poker rooms, and sports betting sites set a record month, shattering previous months by earning more than $2 billion in lifetime revenue.

Online casinos and poker rooms on the rise

May was a stellar month for online casinos in New Jersey but July has proven to be even more impressive for both online casinos and online poker rooms.

According to figures released by the NJ Division of Gaming Enforcement, operators in the online gambling space brought in more than $87.5 million in July 2020. The Golden Nugget alone earned $31.5 million during this period, setting its own record and accounting for 34% of the market!

While land-based casinos struggled with closures and slow reopenings, New Jersey is still enjoying the revenue brought in by the gambling industry. Online casinos are taxed at a much higher rate than land-based casinos, making these increased profits a welcome addition to revenue earned for the state.

Even New Jersey’s online poker rooms saw a 36% increase from June 2020, bringing in almost $5 million. This despite being one of the lowest-earning income generators in the industry.

Sports betting year-on-year increase

As sports fans look for an outlet to enjoy their favourite pastime, online sports betting has seen a considerable year-on-year boost in recent months.

Reaching a whopping $315 million in sports bets, an increase of 25.4% compared to 2019, online sports bet operators accounted for $27 million of that total! This is an enormous increase for the industry and it looks to only grow in the near future as sports such as baseball begin to return to the playing fields once again.

Atlantic City opens its doors – with heavy restrictions

New Jersey Governor, Phil Murphy, recently announced that land-based casinos in Atlantic City would be allowed to open their doors to the public.

However, there are a number of restrictions in place that directly affect how the casinos operate and what patrons are used to experiencing. These restrictions include no selling of alcohol or drinks of any kind, no dining options, and no smoking within the casino.

All casinos are also only allowed to open at 25% capacity. These tight restrictions have meant that the land-based casino industry has taken a knock of 20.9% compared to 2019.

"It will take some time before Atlantic City rebounds from the closures of the last few months, but we have at least turned a corner in the market with the return of the retail sector," said Dustin Gouker, lead analyst for PlayNJ.

"However, online casinos and sportsbooks should drive the overall market as long as the pandemic continues. A big month for both in July only emphasizes that reality."

Dealing with problem gambling

While many are celebrating the massive increase experienced by the online gambling industry in New Jersey, there are those who are concerned about problem gamblers.

Loss of jobs, increased anxiety and stress, as well as a flourishing online casino platform, could all be a recipe for the perfect storm of problem gambling.

Thankfully, with the correct support, more education, and the availability of responsible gambling organisations, New Jersey can ensure that their players are safe and simply enjoy the entertainment online casinos can provide in the unprecedented times we’re living in thanks to a global pandemic.

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