New Jersey internet gambling hits record $198M in August

In August, New Jersey's internet gambling sector achieved a record revenue of $198.4 million, marking a 28% increase from the previous year. This surge highlights the growing significance of online gaming in the state's gambling landscape, especially as traditional land-based casinos continue to face challenges. Despite the overall increase in revenue from in-person gambling, six out of nine casinos reported lower earnings compared to August 2019, prior to the pandemic. The total revenue from physical casinos reached $294 million, a modest 4.9% rise from the previous year. The overall gaming revenue, which includes sports betting, amounted to over $555 million, reflecting a 4.4% increase year-on-year. However, the sports betting segment saw a decline of nearly 35% in August, attributed to an exceptionally high comparison from the previous year. Only three casinos—Borgata, Hard Rock, and Ocean—outperformed their pre-pandemic earnings from in-person gamblers, indicating a shift in consumer behavior towards online platforms. Jane Bokunewicz, a director at Stockton University, emphasized the importance of internet gambling for the casino industry, noting that it has consistently topped $190 million in four of the last eight months. This trend suggests that online gaming is becoming a crucial revenue stream for Atlantic City operators, contributing nearly half of their total gross gaming revenue. As the gambling landscape evolves, the reliance on internet gambling may reshape the future of Atlantic City's casino industry, prompting operators to adapt their strategies to meet changing consumer preferences and market dynamics.