When it comes to consistent markets for casino and sports betting action, there’s no doubt that New Jersey is one region that consistently delivers. The latest set of figures, which relate to February 2023, shows that the revenue generated was over $412 million for the month, which represents a jump of over 10% when compared to the same month last year.
Given that New York has legalized and saw massive sums brought last year, New Jersey may have been concerned that they could see their numbers drop; after all, many residents of New York were known to have driven over state lines to enjoy what they could access in neighboring states, but instead, it seems that everyone is very much a winner.
Internet gambling made up a significant chunk of that $412 million, with $142.5 million coming in from this avenue. $159 million came from physical slot machines, an increase of 3.5% on February 2022, but interestingly the sums made by land-based table games fell by almost 5% to just $55.6 million, which perhaps shows how physical casino gaming habits may have changed.
In 2022 New Jersey’s gambling revenue hit around $5.21 billion, and some had wondered how internet gambling would impact brick-and-mortar establishments.
These concerns have been particularly relevant in relation to Atlantic City, where clearly the local economy depends upon in-person visitors, a point raised by Mark Giannantonio of the Casino Association of New Jersey, who stated;
“Our industry is facing strong economic headwinds, like most businesses across America, as we continue to experience uncertain days ahead,” he said. “With that in mind, our ongoing partnership with local and state officials to advance the economic growth of Atlantic City is vital to the long-term success and viability of our historic seaside resort.”
These concerns are not solely felt by Atlantic City, and clearly, the field of physical casinos will have to expect to be hit, to some degree, by the rapidly growing popularity of the online alternative, but there should be plenty of space for both markets to co-exist successfully.
That $5.21 billion figure for 2022 included around 50% coming from online sources, which is a sign as to where the trend is heading.