New Jersey Online Gambling Booms In November

The New Jersey Division of Gaming Enforcement, reported that online gambling won over $171.5 million in November, setting a new record.

The Golden Nugget emerged as one of the biggest winners in the online gambling market, with winnings of over $50 million in November, a significant increase of nearly 33% compared to the previous year. Resorts Digital, the internet arm of Resorts Casino, also experienced a surge in online gambling revenue, winning $47.2 million, a growth of over 26%.

In addition to online gambling, sports betting has gained significant traction in Atlantic City. In November, the casinos and three horse tracks that accept sports bets took in a staggering $1.62 billion worth of bets, setting yet another record. This surge in sports betting highlights the increasing demand for sports wagering among consumers.

The Meadowlands Racetrack, located just outside New York City and known for hosting a FanDuel sportsbook, emerged as a leader in the sports betting market, winning over half of the total revenue, amounting to $57.6 million. Resorts Digital, affiliated with DraftKings, also experienced success, winning over $19 million from sports betting.

While online gambling and sports betting have experienced growth, they are not intended to replace the traditional brick-and-mortar casinos but rather complement them. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, believes that internet gaming and sports betting serve as well-received consumer products that fill a niche for certain gamblers. She emphasizes that there can never be a complete replacement for the in-person gaming experience.

In November, internet gaming and sports betting accounted for approximately 45% of Atlantic City’s revenue.

While online gambling and sports betting have shown immense growth, the overall revenue from brick-and-mortar casinos has not fully recovered to pre-pandemic levels. Out of the nine casinos in New Jersey, only Hard Rock and the Ocean Casino resort witnessed an increase in revenue from in-person gamblers in November compared to November 2019.

The total amount won in November, combining revenue from in-person, online, and sports betting, was $482.4 million, indicating a 9.4% increase from the previous year. However, it’s worth noting that individual casinos experienced varying levels of success. The Borgata, a market leader, won over $97 million in November, down 8.6% from the previous year. On the other hand, the Golden Nugget won $61 million, a significant increase of nearly 25%.