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Online Gambling Industry in New Jersey On the Rise in March
- April 22, 2020 By Riley Wilson -
March wasn’t a successful month for the gambling industry in New Jersey, as both sportsbooks and brick and mortar casinos have seen its revenues drop.
Although these results are not favourable, they are unfortunately expected, as sports betting and gambling industries across the United States suffer due to the global outbreak of the coronavirus.
Coronavirus the Main Factor Behind the Monthly Figures
The Garden State closed its casinos and racetracks on March 16th, which had a significant impact on the overall sports handle. At around $182 million, it only represents a portion of the expected $550 million.
But at the same time, online casinos in New Jersey have been generating record-breaking figures, surpassing the January figures by around $10 million. The main factor behind this growth is the fact that online has remained the only available option for gamblers.
New Jersey generated a total online gambling revenue of $64.8 million in March, which represents a rise of 24% when compared to February. At the same, that’s a 65.6% increase from March of 2019. The figures reveal that even the ever-struggling internet poker has managed to improve its revenues to $3.6 million, beating the previous record set back in 2014.
Here are the Full Results
The Golden Nugget led the way with $23.3 million in revenue, improving the results from the same month of 2019 by 63.8%. Resorts Digital was far behind with “only” $13.5 million in revenue, and nearly $1.2 million coming through its online poker vertical.
The third-placed Borgata generated $12.2 million in revenue, recording a staggering 124.6% year-on-year improvement. Caesars Interactive Entertainment ended the months with a revenue of $6.65 million, of which $1.64 million came from online poker.
The Tropicana generated $5.15 million in March, while Hard Rock Atlantic City and Ocean Casino Resort took home $3.3 million and $659,000 in revenue, respectively.
However, the record-breaking results set by the state’s online gambling industry are far from being enough to offset the losses made by other gambling industry. New Jersey’s gambling industry will return to normal only when the number of infected starts to drop. But at this moment it’s hard to make any sort of prediction about the end of the pandemic.