New Jersey’s Online Casino Revenue Records $213.6M in October

October has been a great month for New Jersey’s online gambling industry, as reports have noted that online casinos hitting a record-high of $213.6 million. This figure surpassed September’s previous record of $208 million, which can be attributed to players increasingly favoring online betting over traditional casinos.

According to the latest report from the New Jersey Division of Gaming Enforcement, it noted that internet gaming revenue has exceeded in-person casino earnings on a consistent basis. This does not count periods in 2020 when physical venues were shut due to the pandemic.

James Plousis, Chairman of the New Jersey Casino Control Commission, cited that the increasing preference of residents and gamblers for the best US online casinos are reshaping the state’s gambling landscape,

 “These two accomplishments are emblematic of the importance of online gaming as a component of the evolving casino business,” added Plousis.

Moreover, this also marked the second consecutive month internet gaming revenue surpassed $200 million. The total for October represented an increase of about 27.3% compared to October 2023. That keeps the running total for the current fiscal year at an improvement of over 20% compared to what was a record period in FY2023-24.

Online Gambling Seen as an Instrumental Driver

Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, stated that real money online casino traffic drove a 9% rise in total casino revenue year-on-year despite an 8.5% decline in in-person casino winnings,

“Despite a historically dry and very mild October, brick-and-mortar gaming operators in Atlantic City did not see strong gains over 2023,” Bokunewicz noted, adding that “internet gaming continued a record streak.”

Internet gaming remains a strong driver for New Jersey’s gambling industry, with revenues rising by 28.1% compared to October 2023’s $166.8 million. Year-to-date internet gaming earnings have surged to $1.95 billion, a 23.7% increase over the previous year.

NJ Casinos Still Holding Up Shop

While the big numbers of the online casino industry does seem promising, traditional casinos are still keeping it steady.

Even if October 2024 represents the worst month for Atlantic City casinos since 2020, the win total of $208.7 million is still marginally better than the sum for October 2019 ($202.5 million). Adding to this, losses are not equal across the board for all nine casinos in Atlantic City:

Hard Rock: $40.8 million, down 1%

Ocean Casino: $32.8 million, down over 24%

Tropicana: $17.6 million, up 7.4%

Caesars: $15 million, up 4.1%

Golden Nugget: $9.6 million, down over 20%

Sports Betting Struggles in NJ

That said, the same success cannot be stated for sports betting in the Garden State. Reports have revealed that sports wagering showed a 16% decline, with revenues dropping from $92.3 million in October 2023 to $77.5 million this year. 

However, despite this monthly dip, year-to-date sports betting revenue grew by 13.9%, reaching $912.8 million compared to $801.3 million in 2023.

The sustained growth of online gambling demonstrates its increasing significance within New Jersey’s gaming ecosystem. Plousis emphasized the role of digital platforms in adapting to changing consumer preferences and contributing to overall revenue growth.

Bokunewicz’s findings also correlate this trajectory, and as online gaming continues to expand, the state’s casinos will need to eventually strike a balance between traditional in-person offerings with their online casino counterparts such as crypto casino sites down the line.