As the year comes to a close, it has been revealed that New Jersey has blasted several records through 2023. It’s an evolution of the Atlantic City gambling markets, and it’s seeing online gambling and sports betting markets undergo a boom that’s bringing in billions of dollars. As they grow alongside brick-and-mortar venues, the online gambling market is being seen as a counterpart to the traditional ways of gambling and not an outright replacement – and everything is succeeding hand-in-hand.
In recent weeks, we’ve heard about the widespread success of the ever-expanding gambling markets across the United States. Most recently, New York’s gambling commissioners took to the airwaves to stress that a staggering amount of revenue had been secured from its monumental betting handles over the last few months. Now, the spotlight lands on New Jersey, which is happy to report similar statistics that are increasing exponentially over time.
It was revealed that around $170 million was won from ‘online table games and slots’ during November alone. That’s according to the New Jersey Division of Gaming Enforcement. There was another record set, and this one saw casinos and horse tracks pull in a collective betting handle of $1.62 billion through November. However, one of the most stand-out statistics is that around 45% of all betting revenue accrued in New Jersey in November came from internet and sports-based betting.
In a statement, Jane Bokunewicz, the Director of the Lloyd Levenson Institute at Stockton University, explained:
‘Rather than diminishing the brick-and-mortar gaming revenues, internet gaming and sports betting seem to be well-received consumer products that are filling a niche for certain gamblers. There will never be a replacement for the in-person gaming experience, and the current relatively flat revenues from brick-and-mortar gaming may be simply evidence of a stable market.’
There was a noted increase of almost 10% year-on-year in the amount of money won across the entire gambling estate in New Jersey. There’s stark evidence that the online and sports betting markets continue to soar in New Jersey, as they do across most of the United States. Over time, as more operators get involved and more options open up, we’re expected to see staggering numbers delivered. It’s not yet known when a plateau will be hit.