As it continues to recover from the effects of the epidemic, New Jersey’s gaming business has demonstrated tenacity and adaptation. According to state gambling officials, total income from casinos, horse tracks offering sports betting, and their online partners totaled roughly $471 million in May, a 9.4% rise over the same month the previous year. However, in-person gambling revenue fell slightly, highlighting the changing dynamics of consumer behavior.
The findings show a notable shift in customer tastes, with classic gaming items such as slots and table games growing at a slower rate than innovative options such as online slots and mobile sports betting. Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, believes that this move signals a long-term shift in consumer behavior as these newer items become an intrinsic part of the daily casino experience.
While in-person gambling income fell 2.4% from the previous year, the rise of internet gambling and sports betting helped New Jersey’s casinos. The Chairman of the New Jersey Casino Control Commission, James Plousis, recognizes the critical role that these digital platforms serve in balancing the reduction in on-premises gambling results. Despite a drop in table and slot machine winnings, Atlantic City had its best May in nine years, exceeding $2 billion in total gaming revenue faster than any previous year in the last decade.
It is vital to know that gains from online gambling and sports betting are not entirely maintained by casinos. Significant amounts, up to 70%, must be distributed to partners such as sportsbooks and technological platforms. This revenue-sharing approach ensures that earnings are distributed fairly throughout the industry.
Borgata emerged as the casino’s frontrunner in terms of in-person casino winnings and online and sports betting income, reporting more than $111 million in May. Golden Nugget came in second with $56.2 million, followed by Hard Rock with $48.1 million. Notably, Ocean achieved significant growth, winning $33.5 million. Other casinos reported differing outcomes, demonstrating the diversified nature of New Jersey’s gambling sector.
The statistics highlight the ongoing difficulty that the gambling industry is facing as it navigates the post-pandemic landscape. The pandemic’s long-term impact is clear, with only Borgata, Hard Rock, and Ocean reporting higher in-person gaming revenue in May 2019 compared to May 2018. The industry’s capacity to adapt and capitalize on internet channels, on the other hand, illustrates its resilience and potential for future expansion.
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