New Records Set as Internet Gambling and Sports Betting Thrive in New Jersey

New Jersey Crushes More Sports Betting Revenue Records

In November, internet gambling and sports betting in New Jersey set unprecedented records, reflecting the evolving landscape of the Atlantic City gambling market, which is gradually reducing its reliance on physical casinos. According to figures released on Friday by the New Jersey Division of Gaming Enforcement, casinos and their technology partners generated over $171.5 million from online table games and slots.

Simultaneously, casinos and three horse tracks accepting sports bets experienced another milestone by handling $1.62 billion worth of bets in November, marking a new record. These statistics underscore the transformative impact of technology and a broader range of wagering options on gambling habits in New Jersey. Traditionally, in-person gambling at physical casinos dominated the betting scene in the state.

Jane Bokunewicz, the director of the Lloyd Levenson Institute at Stockton University, observed that internet and sports betting contributed approximately 45% of Atlantic City’s revenue in November. She emphasized that these options complement, rather than compete with, in-person casinos. Bokunewicz believes that online gaming and sports betting cater to specific segments of gamblers, asserting that they are well-received consumer products filling a niche.

Despite the surge in online and sports betting, the overall profitability of casinos remains uncertain. The revenue generated from these streams must be shared with partners such as sports books and tech platforms. Casinos consider money won from in-person gamblers as their primary business, although this sector continues to lag behind pre-pandemic levels.

Hard Rock & Ocean Casino

In November, only Hard Rock and the Ocean Casino resort among the nine casinos in New Jersey surpassed their in-person gambling revenue from November 2019. When combining in-person, online, and sports betting revenue from casinos and racetracks, the total amount won in November reached $482.4 million, a 9.4% increase from the previous year.

The Golden Nugget emerged as a significant online winner, securing over $50 million from internet casino games in November, marking a nearly 33% increase from the previous year. Other notable online winners include Resorts Digital and the Borgata, with $47.2 million (up over 26%) and nearly $38 million (down 14.4%), respectively.

Examining overall gambling revenue, including internet and sports betting, Borgata led the market with over $97 million in November, experiencing an 8.6% decline from the previous year. Other notable performers include Golden Nugget, Hard Rock, Ocean, Tropicana, Harrah’s, Bally’s, Caesars, and Resorts, each with varying changes in revenue.

When focusing solely on revenue from in-person gamblers, Borgata, Hard Rock, Ocean, Harrah’s, Tropicana, Caesars, Resorts, Bally’s, and Golden Nugget exhibited diverse performance levels.

While the total amount of sports bets, known as “handle,” reached a new high in November at $1.62 billion, only $96 million was retained as revenue after expenses. The Meadowlands Racetrack, located in East Rutherford, emerged as a major contributor, winning over half of the revenue at $57.6 million, with Resorts Digital securing over $19 million from sports betting, in affiliation with DraftKings.