New Jersey Internet Gambling Sets Record with $208 Million in September

New Jersey’s flourishing online gambling market hit a significant milestone in September 2024, with Atlantic City’s casinos and their online partners reporting over $208 million in winnings from internet gambling. This marks the first time that the state’s internet gambling revenue has sured the $200 million mark in a single month, further highlighting the growing importance of online gambling in the state. According to the New Jersey Division of Gaming Enforcement, this new record is a testament to the increasing reliance on internet betting, as many of Atlantic City’s physical casinos continue to face challenges in recovering in-person revenues.

Steady Growth Despite Physical Casino Decline

While the internet gambling sector continues to thrive, physical casinos in Atlantic City are seeing more uneven results. September 2024 saw a 6.5% decrease in casino winnings compared to the same period in 2023, with casinos bringing in $230.6 million from in-person gambling. Additionally, five out of nine casinos earned less from their on-site gaming floors compared to September 2019, before the pandemic altered the landscape of the gambling industry. These declines, however, were offset by the rapid growth of online gaming and, to a lesser extent, sports betting.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, commented on the ongoing shift towards internet gambling, stating that September’s figures indicate a “mixed bag,” where “soaring internet revenues” have seemingly left traditional, brick-and-mortar gaming revenues behind. She noted that for the first three quarters of 2024, internet gambling has ed for over 40% of the total revenue for Atlantic City operators.

Despite the struggles of in-person gambling, online growth, coupled with sports betting, boosted New Jersey’s total gaming revenue. The combined revenue of casinos, racetracks, and their online partners totaled $558.3 million in September 2024, reflecting a 7.1% increase over the same month in 2023. This was the third consecutive month that New Jersey’s total gaming revenue exceeded $500 million.

Breakdown of Individual Casino Performance

Looking at the individual performance of Atlantic City’s casinos, the Borgata once again emerged as the top performer, winning $62.4 million in September from in-person gambling, a 15% increase compared to the same month in 2023. Other casinos saw mixed results. Hard Rock Casino’s in-person winnings dropped by 4.7% to $44.6 million, while Ocean Casino saw a more dramatic decline of 28%, bringing in just $28.4 million. Meanwhile, Caesars, Harrah’s, Tropicana, Resorts, Bally’s, and Golden Nugget all reported declines in their in-person gambling revenue for September.

When incorporating both internet and sports betting revenue, Borgata maintained its top position, bringing in $120.2 million for the month, up 12% from 2023. Resorts, which had a stronger showing in the online sector, won a total of $106.5 million, despite a slight 3.4% decline. Golden Nugget, benefiting from robust internet gaming performance, saw a significant 25.8% increase, with total revenue reaching $72.8 million. However, some casinos still struggled; Ocean Casino and Harrah’s reported declines of 24% and 16.6%, respectively, in their total revenue.

Sports Betting’s Contribution to the Industry

Sports betting also played a key role in New Jersey’s gaming revenue for September. Casinos, racetracks, and their partners collected $119.6 million from sports wagering, marking a 7.6% increase compared to September 2023. Overall, sports wagering has contributed $835.4 million in revenue for the year-to-date period, a 17.8% rise compared to the same period last year.

The continued success of both online gambling and sports betting has provided a much-needed boost to New Jersey’s gaming industry. James Plousis, chairman of the New Jersey Casino Control Commission, observed, “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.” This growth highlights the state’s shift towards digital gambling, which shows no signs of slowing down as the industry continues to evolve in response to consumer demand.

Source:

“New Jersey Division of Gaming Enforcement Announces September 2024 Total Gaming Revenue Results“, njoag.gov, October 17, 2024.