New Jersey Online Gambling Operators Set Record in JulyPublished August 18, 2020 by Elana K
According to figures released by the New Jersey Division of Gaming Enforcement, New Jersey online gambling operators generated $87.5 million, over $1.5 million more than the previous record set in May 2020.
New Jersey online casinos and poker rooms set another record this July, despite the reopening of Atlantic City Casinos. According to figures released by the New Jersey Division of Gaming Enforcement, online gambling operators generated $87.5 million, over $1.5 million more than the previous record set in May 2020. The Golden Nugget set its own record of $31.5 million in winnings, accounting for 34% of the market.
Even New Jersey’s online poker rooms, which are traditionally low-income generators, brought in over $4.8 million in revenue, a 36% increase from the previous month.
As can be expected, New Jersey’s land-based casinos didn’t fare as well as the state’s online operators. Land-based casinos showed a 20.9% year-on-year decrease, which can clearly be attributed to the new restrictions implemented due to COVID-19. NJ Governor Phil Murphy allowed casinos to reopen, but only at 25% capacity. Additionally, no smoking, drinking, or even dining inside the properties is permitted.
However, compared to the months when land-based casinos were shut down, even some revenue is better than nothing. Moreover, the fact that online operators are excelling is good news for New Jersey state coffers — online gambling is taxed at a higher rate than land-based gambling. Despite the 20.9% year-on-year decrease in land-based gambling, New Jersey still earned $26.4 million in gambling taxes in July, just a 4.7% decrease from last year.
Additional good news is that New Jersey’s sports betting handle in July reached $315.1 million, a 25.4% year-on-year increase. From that, sports betting operators earned $29.6 million, with online sports betting accounting for a whopping $27 million. July’s total sports betting increased by $17 million compared to the $12.6 million earned in June 2020.
After experiencing some very difficult months due to pandemic-related lockdowns, New Jersey's thriving online gambling industry is a point of hope. One thing that's certain is that states that have not yet legalized online gambling are looking at New Jersey and eating their hearts out.