In 2023, New Jersey’s gambling landscape witnessed a historic surge as the casino and sports betting industry, in collaboration with online platforms, reported an extraordinary revenue of nearly $5.8 billion. This remarkable achievement marked an 11% increase from the previous year, according to figures released by the New Jersey Division of Gaming Enforcement.
One standout trend in this record-breaking performance is the growing preference for mobile betting among bettors. The data unveiled a significant shift, indicating that bettors are favoring digital platforms over traditional, in-person gambling. This marks a transformative change for the industry, as mobile betting continues to dominate the market.
While the overall figures showcase a flourishing industry, the scenario is mixed for Atlantic City’s nine casinos. Two-thirds of these establishments are still grappling with lower revenue from in-person gamblers compared to pre-COVID-19 levels, as reported by The Associated Press. This suggests that the recovery in traditional, brick-and-mortar gambling establishments has been slower than anticipated.
James Plousis, Chairman of the New Jersey Casino Control Commission, expressed optimism about the industry’s trajectory. He pointed out that in-person casino winnings reached the highest point in a decade, internet gambling revenue exceeded the 2022 record by over 15%, and sports wagering revenue set a yearly record. Plousis emphasized that New Jersey’s vision for a vibrant and competitive Atlantic City is materializing successfully.
Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, attributed the record-breaking revenue to the introduction of innovative gaming products. Internet gaming and sports wagering played a pivotal role, contributing nearly 46% to the total gaming revenue for the year. This reflects the industry’s successful gamble on digital innovations that resonate with modern bettors.
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