Sports betting and internet gambling reached new heights in New Jersey last month, breaking records and generating massive profits for casinos and their technology allies. According to data from the New Jersey Division of Gaming Enforcement, over $171.5 million was earned from slots and online table games, marking a significant increase in revenue. In addition, the state’s three horse tracks and casinos raked in a staggering $1.62 billion in wagers during November, setting yet another record for the industry.
These figures highlight the shifting landscape of the gambling market in Atlantic City, where traditional brick-and-mortar casinos have long been the dominant force. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, emphasized that sports betting and internet gambling are now responsible for nearly 45% of Atlantic City’s gambling revenue. However, she views these new wagering options as complementary rather than competing with in-person casino gambling.
The rise of online gambling and sports betting has also brought about a new division of profits, with casinos facing the challenge of sharing their earnings with technology platforms and sportsbooks. Despite this, in-person gambling still remains a vital part of the industry, with some casinos experiencing an increase in revenue from in-person players compared to pre-pandemic levels.
Overall, the total gambling income in New Jersey saw a 9.4% increase compared to the previous year, with online gambling proving to be a lucrative business for several casinos. Golden Nugget, Resorts Digital, and Borgata’s online divisions all experienced significant growth in revenue from internet casino games. On the sports wagering front, the state saw a massive handle of $1.62 billion, with tracks and casinos retaining $96 million in income.
The Meadowlands Racetrack and Resorts Digital, home to the FanDuel and DraftKings sportsbooks respectively, emerged as major earners from the surge in sports wagering, further solidifying the impact of online gambling and sports betting on the state’s gambling industry. With the market continuing to evolve, the future of traditional brick-and-mortar casinos and the broader gambling landscape in New Jersey remains to be seen.