Although gaming revenue suffers losses year-over-year, New Jersey’s gaming revenue saw an increase, all thanks to internet operator’s wins.
According to results the New Jersey Division of Gaming Enforcement released on Thursday, the total gaming revenue raked in was $323.4 million. It represents a 6.5% increase, which was unimaginable in most markets, considering the effect of COVID-19.
Figures from September are down slightly compared to the $326.3 million gotten in August, but it is still up from July’s 248.7 million. Gambling resumed in July after many months of lockdown.
August’s figures showed a 7.5% annual decrease. However, September’s increase cuts a six-month falling streak.
It is essential to know that many gambling markets are experiencing sharp downturns: Nevada casinos showed a 22% decline in August revenue.
The Garden states revenue comprises the $87.6 million from internet gambling operators, $190.6 million raked in by brick-and-mortar casinos, and the $45.1 million revenue from sports betting.
Furthermore, internet gambling in New Jersey increased for the sixth month consecutively. However, internet gambling revenue increased to 113% compared to the $45 million won in September last year. On the other hand, sports betting revenue was up to 19%, but brick-and-mortar casinos had a 15.1% decline from September 2019 when Atlantic City’s nine casinos won $224.5 million from gamblers.
The decline in revenue in brick-and-mortar casinos came from the 28.7% drop in table games and a 9.6% drop in slot machine winnings. It is also essential to know that in-person sports betting was also down by 23.5%.
The total money New Jersey’s sports bettors gambled on September’s sporting games was $748.58 million. Out of that money, about $678.7 million was bet on mobile apps or through online operators, which proves how essential online sports betting operation.
The big sports betting handle struck a significant record, which was set last month. However, September’s handle hit the monthly record of $668 million, recorded in August.
Internet gambling revenue has a 15% tax on it and 8.5% on brick-and-mortar winnings. New Jersey took about $32 million of those winnings for the state resources.
Brick-and-mortar hasn’t recovered due to the COVID-19 pandemic. In that regard, James Plousis, New Jersey’s Casino Control Commission Chairman, told the Press of Atlantic City that even there was a restriction in place by Gov. Phil Murphy, there is a reason for some optimism.
Plousis also added: “These results were promising in the midst of continuing travel advisories that decrease visits from out of state, as well as restrictions on capacity, amenities and entertainment that have made 2020 not reasonably comparable to last year.”
Current conditions, including the closure of all land-based casinos across the country, greatly impacted the latest surge recorded by online casinos. It will be exciting to see if online casinos can
keep up at the same pace as time goes on.