In August 2024, New Jersey’s online gambling industry set a new record, bringing in an impressive $198.4 million in revenue.
This big jump clearly shows that more and more people are choosing to gamble online instead of visiting Atlantic City’s land-based casinos.
While the online gambling world is booming, many traditional casinos are still having a hard time recovering from their pre-pandemic success.
Consequently, these numbers tell an interesting story about how gambling in New Jersey changed in unlikely ways just a few years ago.
So, what’s really happening? Let’s find out.
Key Takeaways
- New Jersey's online gambling reached a record $198.4 million in August 2024, a nearly 28% increase from last year.
- Land-based casinos in Atlantic City are still earning less from in-person gamblers than before the pandemic.
- Despite an overall gambling revenue increase, sports betting saw a sharp decline, dropping by almost 35% compared to last year.
Online Gambling Soars, But Land-Based Casinos Struggle to Keep Up
Let’s start with the good news: Online gambling in New Jersey is thriving more than ever.
In fact, in August 2024 alone, the state generated $198.4 million in revenue from online betting—an all-time high!
More people are choosing to place their bets online instead of visiting a physical casino, and that trend isn’t slowing down.
To illustrate, last year’s 28% jump in revenue highlights how quickly the online market is growing.
And this increase in online gambling shows how important digital platforms have become.
Jane Bokunewicz, a gambling expert from Stockton University, even mentioned that online betting is now making up a huge portion of Atlantic City’s total revenue.
In fact, in four of the past eight months, online gambling has crossed the $190 million mark. So, it’s clear that online gambling isn’t a small-time operation anymore—it’s becoming the main event for the state’s gambling economy.
However, it’s a different story for Atlantic City’s famous casinos. Yes, they did make a little more money in August 2024 compared to the previous year—about 4.9% more, to be exact—but they’re still struggling to reach the levels they hit before COVID-19 shook up the world.
Even though in-person gambling brought in $294 million in August, it’s still not enough to get most casinos back to their old glory days.
Out of the nine casinos, only three managed to surpass their August 2019 numbers:
- Borgata made $74.2 million from in-person gamblers, up just 1.6%.
- Hard Rock had a strong month, pulling in $55.3 million, a 9.2% increase.
- Ocean Casino led the pack with an 11.4% jump, earning $44 million.
Meanwhile, the other six casinos are still playing catch-up, struggling to attract gamblers back to their doors.
Sports Betting Takes a Hit, but Overall Revenue Grows
Now, turning to sports betting, August wasn’t kind to New Jersey’s sports books.
Surprisingly, revenue from sports betting took a nosedive, dropping nearly 35% compared to last year.
Despite the overall success in sports betting, the state earned $62.7 million from sports wagers in August 2024, which might sound like a lot, but it’s a sharp drop from the massive $96 million it earned in August 2023.
Why the big drop? Well, last year’s numbers were unusually high, making this year’s revenue look worse.
It’s like comparing a regular day to a day when you hit the jackpot—2023 was the jackpot, and 2024 is more of a “normal” year.
Still, that’s a steep decline for people who bet on sports or run sportsbooks.
Aside from the dip in sports betting, New Jersey’s total gambling revenue—including online gambling, sports betting, and in-person casino play—went up.
In August 2024, the state’s total gambling earnings reached over $555 million, a 4.4% increase from last year.
So, while some areas of gambling are having a rough time, the industry as a whole is still moving in the right direction.
What Does This Mean for New Jersey’s Gambling Industry?
As we can see, New Jersey’s gambling scene is in a period of change. Online gambling is stealing the spotlight, while traditional casinos are trying to figure out how to get people back through their doors.
For many of these casinos, in-person gambling is still considered their “core” business, but the numbers suggest that they need to shift their focus.
Borgata, Hard Rock, and Ocean are doing well enough, but most of Atlantic City’s casinos still struggle to hit the numbers they saw before COVID-19.
And with more people gambling online than ever, the future might look a lot more digital. In fact, online platforms might soon account for a bigger chunk of overall revenue than in-person gambling, a shift already underway.
The data speaks for itself:
- Borgata brought in $125.5 million in total, including online gambling and sports betting, up 6.4%.
- Hard Rock saw a whopping 21.5% increase, earning nearly $72 million.
- Golden Nugget had the biggest boost, a 29% rise to $69.7 million.
What’s Next for New Jersey’s Gambling Industry?
So, what’s next for New Jersey’s gambling scene? By the looks of things, online gambling will keep growing, and casinos will have to figure out how to get more people back through their doors.
Evidently, online gambling has proven to be a real game-changer, bringing in huge amounts of revenue and helping to make up for the slower recovery in traditional casinos.
But the story isn’t over for traditional casinos. There’s still plenty of room to get creative and offer more appealing gambling, whether through new attractions, exciting deals, or fresh upgrades to their spaces.
Undoubtedly, finding the right balance between online and in-person gambling is going to be key moving forward.
As for sports betting, it’s been a bit unpredictable, to say the least. August saw a big drop, but the overall numbers for the year are still looking good.
We’ll have to wait and see if this dip is just a one-off or a sign of something bigger. Either way, sports betting will continue to play a major role in New Jersey’s gambling future.
In the end, New Jersey’s gambling industry is definitely changing. And online gambling is leading the way, with traditional casinos working to catch up.
One thing’s for sure: New Jersey is still a major player in the gambling world, and how well it adapts to these changes will shape its future success.
