Online Gambling and Sports Betting Boost New Jersey Casino Revenue in March
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Figures released by the New Jersey Division of Gaming Enforcement indicate that the industry generated $487 million in revenue, a 15% increase compared to the same period last year.
New Jersey Casinos Struggle with In-Person Revenue as Online Gambling and Sports Betting Flourish
The rise in revenue was attributed to strong performance in online gambling and sports betting. However, the casinos continue to struggle with revenue from in-person gamblers, which remains a concern for the industry.
In-person revenue brought in $228.6 million in March, which is slightly higher than the $223.1 million generated in 2019 before the pandemic. Just three out of the nine casinos – Borgata, Hard Rock, and Ocean – reported higher in-person revenue than in March 2019, highlighting the industry’s ongoing challenge. According to the Casino Association of New Jersey, the in-person revenue levels indicate that the industry is still in a rebuilding and recovery phase from where it was three years ago.
Online gambling revenue reached $165.7 million, up 18% from a year ago. Sports betting revenue also contributed $46.6 million, up significantly from the previous year. However, third-party providers such as sportsbooks and tech platforms share these revenue streams, reducing the profits for the casinos.
Atlantic City Casinos Record Best Month in 10 Years Despite Challenges
Despite these challenges, March was the best month for Atlantic City’s casinos in the past decade. Brick-and-mortar revenue grew year-over-year by 5.6%, internet gaming showed no signs of slowing, and sports wagering revenue recorded an 82% increase year-over-year, fueled by the March Madness college basketball tournament.
The Borgata had the highest total revenue of $113.5 million, followed by the Golden Nugget with $55 million, and Hard Rock with $49.7 million. At the same time, Resorts Digital, which is the online division of Resorts Casino had the highest percentage increase in revenue, recording $74.6 million, up over 75%.
In terms of revenue from in-person gamblers, the Borgata had the highest revenue with $61.5 million, followed by Hard Rock with nearly $40 million and Ocean with $34.6 million. However, the revenue for several casinos, including Caesars and Resorts, decreased.
The total amount bet on sports in March surpassed $1 billion, with $93 million kept as revenue by casinos and tracks after paying out winning bets and other expenses.
James Plousis, the chairman of the New Jersey Casino Control Commission, stated that Atlantic City has effectively combined sports betting and traditional casino gaming to provide visitors with complementary experiences. He also mentioned that the ongoing development of high-quality in-person experiences will contribute to a positive summer season for Atlantic City and its guests.
Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
