Internet Gambling and Sports Betting Soar to New Heights
Atlantic City, N.J.: January 2024 witnessed a remarkable surge in various gambling revenue sectors in New Jersey, setting four major records. Despite this feat, the casinos saw a decline in the money won from in-person gamblers, which remains crucial for their business.
Record-Breaking Figures
The state Division of Gaming Enforcement reported that internet gambling revenue, sports betting revenue, total sports wagers, and overall casino-sports betting-internet revenue reached unprecedented levels in January. The total earnings surpassed $559 million, marking a significant 28% increase from the previous year.
Impact of Online Channels
Experts attribute the dip in in-person casino winnings to harsh winter weather, with Jane Bokunewicz noting a shift towards online platforms. Online gaming and sports betting witnessed substantial growth, overshadowing the decline in in-person revenue.
Struggles Amid Success
While the industry celebrates the record-breaking month, the in-person casino winnings continue to lag behind pre-pandemic levels. Only a few casinos, including the Borgata, Hard Rock, and Ocean, saw an increase in in-person earnings compared to four years ago.
Competitive Advantage
Chairman James Plousis emphasized the competitive edge provided by online gaming and sports wagering, sustaining operators even during off-peak seasons. Notably, New Jersey casinos and tracks amassed $1.71 billion in sports bets, surpassing previous records.
Key Performances
Among the top earners, Borgata led with $107.6 million, followed by Golden Nugget, Hard Rock, Ocean, and Tropicana. However, some casinos experienced a decline in in-person winnings, reflecting the evolving landscape of the gambling industry.
Industry Trends
The industry dynamics continue to shift, with Resorts Digital and Caesars Interactive NJ reporting varying results in online revenue. While online platforms thrive, the focus remains on balancing in-person and virtual gambling experiences.
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