In March, New Jersey Sportsbooks Suffer Losses While Online Gambling Thrives

Published April 20, 2020 by Elana K

In March, New Jersey Sportsbooks Suffer Losses While Online Gambling Thrives

March 2020: New Jersey sportsbooks and land-based casinos report losses across the board while online casinos set records.

New Jersey sportsbooks and land-based casinos have reported losses across the board in March. The losses, though unpleasant, are not unexpected since the casino and sportsbetting industries throughout America have taken a hit due to the coronavirus. New Jersey shut down its nine casinos and three racetracks on March 16, resulting in a sportsbook handle of nearly $182 million, one-third of its expected handle of $550 million.

At the same time, New Jersey’s internet casinos have been thriving, surpassing the record-high set in January by nearly $10 million. The reason is obvious: With all land-based gambling and sportsbetting options canceled, bettors have been turning to online gambling.

March’s total online gaming revenue reached $64.8 million, a 24% month-on-month increase and a 65.6% year-on-year increase. Even internet poker, which has struggled for the past two years, doubled its vertical from February to a record-high of $3.6 million, shattering the previous record that was set in January 2014.

Online Casino Winners

As always, the Golden Nugget generated the most revenue with an impressive $23.3 million, a 63.8% year-on-year increase. Resorts Digital came in a far second with $13.5 million, with $1.16 million of that coming from its internet poker vertical. The Borgata family of sites came in third place with $12.2 million in revenue, though it had the highest year-on-year growth from any other online casino: 124.6%. Caesars Interactive Entertainment came in fourth with $6.65 million, with $1.64 million coming from internet poker. The Tropicana came in fifth place with a total of $5.15 million in revenue from its casino-only site. Hard Rock Atlantic City and Ocean Casino Resort brought up the two last places with $3.3 million and $659K, respectively.

The Losses Hurt 

The records set in March for online gambling are not enough to make up for the losses suffered from New Jersey’s other gambling industries. The only thing that can revive the state’s faltering industry is if corona cases start to drop and the public can resume some sense of normalcy. But at this point, no one knows exactly when that will be.

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