Online gambling has recently hit an all-time high in the US and across the world alike. However, why is that? The article below will give you a comprehensive answer to this more than curious question.
In particular, we will discuss online gambling in the US state of New Jersey. Still, while some trends are native to the locale, others can be transferred to a more global context. That said, this article is aimed mostly at our US readers, be they pure gambling enthusiasts or industry experts.
We value the time and attention of our readers, so let us dive straight into the topic. Read the full article below and do not hesitate to let us know if you have any questions.
New Jersey’s Online Casino Revenue Rise: Not an Exception, but a Trend
Before we begin our exploration into why and how the online casino revenue in New Jersey has risen, let us note the following: The increase in NJ Internet gambling proceeds is not a recent trend. Instead, as we have been following closely the latest rankings here, we have observed that this ever-increasing pattern of revenue gains dates back some five years ago.
That is right, New Jersey’s Internet casino revenue has been on the rise for a long time. Thus, we have every reason to conclude that this is a steady trend that is here to tell us something. After all, five years is a significant period that allows us to take an in-depth look at the processes that have been taking place in New Jersey’s online casino business and analyze them accordingly.
Therefore, we have prepared a comprehensive overview for you below. Keep reading and find out more.
A Liberal Market Favors a Growing Economy
New Jersey has been one of the US casino gaming industry strongholds for a long time. However, it was not until the local market was liberalized that the business really began to take off. The local casino industry not only survived but also thrived throughout the challenging periods over the last five years, where the US faced many obstacles thanks to the COVID-19 pandemic and the conflict in Ukraine, where it had to sanction the global geopolitical power of Russia.
The New Jersey Casino Industry: Current State of Affairs
New Jersey has been one of America’s gambling centers for quite some time now. Like other casino destinations, it did indeed experience a strong decline in revenue following the US recession of 2008.
Nonetheless, for the past five years since 2019, the state’s betting market has scored a consistent trend in financial growth. While land-based venues did experience serious fluctuations in the aftermath of the COVID-19 pandemic, online casino revenue has been growing consistently.
Numbers talk louder than words. Therefore, let us tell you that for February 2024, Internet-based gambling in the state of New Jersey experienced a 24 % year-over-year increase compared to February 2023. In terms of gaming wins, this means $182.3 million.
In contrast, the brick-and-mortar casinos of New Jersey hit a slight decline over the same period. The local land-based venues generated a total of $211.6 million in February 2024, which is 2.4 % less than the win in February 2023.
That said, we are still waiting for the figures for March. However, we have every reason to believe that Women’s History Month will probably continue the growth trend for online casinos.
New Jersey Gambling Landscape: General Overview
While we observe consistent growth in New Jersey’s online casino market, it is also important to understand the context that has given rise to this trend over the past five years. Therefore, let us conclude this article by briefly exploring the gambling situation in the state.
New Jersey has a total of nine legally recognized land-based casinos. They are all located in Atlantic City. Much like other places across the US, however, many illicit gambling establishments have tried to escape the rule of law, which has led to numerous court cases and proceedings.
Yet, New Jersey has persisted in enforcing the proper regulations for land-based and online casinos alike. With 2014 being the first full year of legal online casino gaming in the state, ten years later we see a fast-growing local Internet gambling market.
But what is the reason for this ever-increasing demand for online casino games? The answer to that question is simple: It is the convenience and variety of Internet gambling sites that draw players to digital platforms rather than land-based casinos.
Nowadays, there is hardly an online gambling game that is not available at a New Jersey online casino. Players can now enjoy their favorite casino games on their phones at any time, and they eagerly do so without the need to visit a land-based venue.
