Internet Gambling and Sports Betting Shine, But In-Person Revenue Declines
Atlantic City, N.J. — January 2024 marked a record-breaking month for New Jersey’s gambling industry as internet gambling revenue, sports betting revenue, total sports wagers, and overall casino-sports betting-internet revenue hit new highs, according to the state Division of Gaming Enforcement.
Total Revenue Surpasses $559 Million
The collective earnings from Atlantic City’s nine casinos, three horse tracks, and online partners exceeded $559 million, a notable 28% increase from the previous year.
Online Gambling and Sports Betting Lead the Way
Internet gambling revenue soared to $183 million, up nearly 20% from the previous year, while sports betting revenue reached nearly $171 million, a remarkable surge of over 136%.
In-Person Revenue Decline
However, in-person casino winnings dipped in January 2024 due to harsh winter weather, totaling just over $205 million, down 3.1% from the prior year.
Shift to Online Channels
Experts suggest that the decline in in-person revenue may be attributed to a shift towards online gambling and sports betting platforms, as online channels saw a boost in activity.
Impact on Casino Operators
While overall revenues are up, two-thirds of Atlantic City’s casinos are still struggling to match pre-pandemic in-person gambling levels, with newer establishments like Borgata, Hard Rock, and Ocean outperforming their 2020 figures.
James Plousis, chairman of the New Jersey Casino Control Commission, noted that online gaming and sports wagering are providing a competitive edge to operators, especially during the city’s off-season.
Winning Streak for Sports Betting
New Jersey’s casinos and tracks set a new record by collecting $1.71 billion in sports bets in January, surpassing the previous record of $1.62 billion. The Meadowlands Racetrack near New York City saw a significant increase, winning $113 million in sports bets, up 137% from the prior year.
Top Performers
Leading the pack in combined in-person, internet, and sports betting revenue were Borgata with $107.6 million, Golden Nugget with $63.5 million, Hard Rock with $51.5 million, Ocean with $39.1 million, and Tropicana with $26.1 million.
Resorts Digital and Caesars Interactive NJ also saw substantial gains and losses in their online revenue streams.
Conclusion
Despite facing challenges in in-person revenue, New Jersey’s gambling industry continues to thrive on the success of online platforms and sports betting, setting new records and cementing its position as a leader in the gaming sector.
