iGaming Continues To Gain Ground in New Jersey

Article by : Erik Gibbs Dec 19, 2023

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In November, the landscape of gambling in New Jersey underwent a dynamic transformation, with internet gambling and sports betting achieving unprecedented milestones. The traditional stronghold of physical casinos in Atlantic City seems to diminish as the gambling market evolves.

On Friday, figures disclosed that online table games and slots yielded an impressive victory, surpassing $171.5 million for casinos and their technological collaborators, as reported by the New Jersey Division of Gaming Enforcement.

The paradigm shift is propelled by technology and an expanded array of betting options. Jane Bokunewicz, the director of the Lloyd Levenson Institute at Stockton University, an institution dedicated to scrutinizing the Atlantic City gambling industry, highlighted a significant finding.

In November, according to Bokunewicz, the internet and sports betting contributed approximately 45% to Atlantic City’s revenue. However, she perceives these segments not as adversaries to in-person casinos but as complementary facets of the gaming scene in the state.

In her perspective, online gaming and sports betting emerge as well-received consumer products, effectively catering to a specific subset of gamblers.

Instead of undermining the revenues of brick-and-mortar establishments, these virtual avenues seem to fill a distinctive niche.

Bokunewicz asserts that the allure of in-person gaming experiences remains unparalleled, and the seemingly stagnant revenues from physical gaming might signify the stability of the current market rather than a decline.

The impact of the improvements in iGaming on casino profitability in the state remains uncertain. The operators share their revenue with partners, including sportsbooks and tech providers, and the terms of those deals aren’t always disclosed.

Only Hard Rock and the Ocean Casino Resort among the nine casinos in New Jersey saw increased winnings from in-person gamblers in November compared to November 2019.

In November, the accumulated sum of winnings from in-person, online, and sports betting activities for casinos and racetracks reached an impressive $482.4 million, marking a substantial 9.4% surge compared to the previous year.

Noteworthy peaks in the online side of gaming included the Golden Nugget, boasting earnings exceeding $50 million and experiencing a remarkable uptick of nearly 33%.

Resorts Digital also thrived with $47.2 million, showcasing a robust growth of over 26%, while the Borgata garnered close to $38 million, albeit facing a decline of 14.4%.

In the broader spectrum of gaming revenue, Borgata maintained its lead with a recorded total of over $97 million, indicating a moderate 8.6% decrease from the preceding year.

Golden Nugget secured the second position with a robust $61 million, showcasing an impressive uptick of nearly 25%, closely followed by Hard Rock at $52.4 million, which experienced a commendable increase of over 26%.

Meanwhile, the sports betting arena hit a pinnacle in November, accumulating a total handle of $1.62 billion. However, only $96 million was retained as revenue after factoring in expenses, with the Meadowlands Racetrack claiming the top spot by securing $57.6 million in winnings.

Notably, Resorts Digital, associated with DraftKings, emerged victorious in the sports betting domain with winnings exceeding $19 million.