New Jersey’s Internet Gambling Market Hits Record Highs in September 2024
In a remarkable achievement for the state’s gaming industry, New Jersey’s internet gambling market reached new heights in September 2024, exceeding $208 million in earnings. This milestone represents the first time monthly internet gambling revenues have crossed the $200 million threshold, emphasizing the vital role online gambling continues to play in the state’s overall gaming landscape, as highlighted by the New Jersey Division of Gaming Enforcement (NJDGE).
A Shift in Revenue Sources
As the gaming industry evolves, traditional in-person casino gambling remains a key player; however, the burgeoning online segment has become increasingly essential for sustaining profitability. Many casinos are still facing challenges with brick-and-mortar earnings that have yet to recuperate to pre-pandemic levels from 2019. In this context, NJDGE reports indicated that the combined in-person revenue for September 2024 narrowly surpassed that of September 2019 by $6 million, showcasing a complex recovery path.
The state’s overall gambling landscape appears robust, bolstered significantly by the synergy between internet gambling and sports betting. This duo propelled total revenues for casinos, along with their online partners and two racetracks accepting sports bets, to $558 million last month—an encouraging 7.1% increase from the same month in 2023.
The Significance of Success
James Plousis, chairman of the New Jersey Casino Control Commission, underscored the significance of these achievements. “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,” he stated. For the third consecutive month, total gaming revenue has surpassed $500 million, a remarkable feat considering that in the previous year, it was achieved only in August.
Mixed Results Across Casinos
While the overall performance of New Jersey’s gambling sector paints a positive picture, the earnings distribution across Atlantic City’s casinos reveals a more varied scenario. The Borgata casino led the pack with $62.4 million in in-person winnings, reflecting a 15% increase. Conversely, other establishments such as Ocean and Harrah’s reported declines, with Ocean’s in-person winnings experiencing a significant drop of 28% and Harrah’s down 16.3%.
When factoring in internet and sports betting revenues, Borgata’s total soared to $120.2 million, showcasing a 12% rise. In contrast, other casinos such as Ocean and Golden Nugget exhibited mixed results, indicating the diverse impacts of online gaming on traditional casino operations.
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, offered more context to these developments. “September’s numbers were a mixed bag, with soaring internet revenues that seemed to leave brick-and-mortar gaming revenues behind,” she noted. “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.”
Conclusion
The stunning surge in internet gambling revenue in New Jersey marks a pivotal moment in the evolution of the state’s gaming industry. This not only reflects the changing landscape of gambling but also underscores the importance of embracing technology and shifting consumer preferences. As casinos traverse the post-pandemic recovery landscape, it becomes increasingly clear that internet gambling is not just a supplementary revenue stream; it is an essential component of a thriving gaming ecosystem. The successes of September 2024 may well set the stage for unprecedented growth and innovation in New Jersey’s gambling industry in the years to come.
