Last updated on March 29th, 2024 at 09:18 am
In the bookie industry, New Jersey is one of the most-talked about markets for both gaming and sports betting. The state’s sportsbooks and casinos continue to dominate the national market in terms of both handle and revenue for sports betting and casino gaming. And it appears that New Jersey still has not hit its peak, as revenue continues to grow year-over year. In fact, New Jersey online casinos record hundreds of millions in revenue in just one month alone.
Online gambling was very popular in the state, with a $182.3 million handle for February 2024. Meanwhile, retail revenue is at $211.6 million. If you read much of the discussions on gambling in this sportsbook pay per head forum, you will see that online sports betting and iGaming tend to get a larger market share than its retail equivalents. However, markets like New Jersey and Nevada tend do differ. This is because both state have an established and popular retail gambling industry that has existed for decades already.
New Jersey Online Casinos Win in February
That being said, if we look at the year-over-year numbers, iGaming’s revenue rises 24%, but retail gaming declines by 2.4% compared to February 2023. This follows a similar trend in January 2024 where year-on-year numbers show us an increase for online gaming and a decline for retail gaming. The popularity of online gaming is a good reason why a lot of bookies use their sportsbook software to add more services to their business.
Adding online gaming can be a big boost to revenue from sports betting. Not that it is anything to scoff at. Sports betting is very popular in online sportsbooks. However, the sports calendar changes throughout the year, and therefore brings varying amounts of volume in betting and revenue.
Online Sports Betting in New Jersey
Online sportsbooks in New Jersey earn $67.6 million in gross revenue for February 2024. This is also quite the jump from the previous year’s revenue by around 24%. If we look at the current trends in betting, the numbers might decrease after March Madness. But the boost in revenue from online gaming such as table games and online slots can help bookies sustain a generous profit margin during the summer.
Online Casino Gaming in New Jersey
New Jersey offers a unique opportunity to neighboring states such as Delaware, Pennsylvania and Rhode Island. While these states do offer casino gaming, online gambling is still not legal within their states. The convenience of iGaming thus makes it attractive for residents to travel and cross the border to New Jersey and bet online, rather than to travel farther and go to brick-and-mortar casinos within their state. Online casinos in New Jersey gain a lot more revenue from this advantage in there are in the East Coast.
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