By
Mike J. Davies
Editor in Chief at Casinos.US Updated: 09/30/2020
Mike is our Senior Editor and experienced gambling strategist. A former hockey player, he transitioned to the casino industry after finishing his B.A. in English. Blackjack systems, online casino guides, gambling terms, and more – Mike is familiar with all fine points of gambling.
New Jersey Online Gambling Revenues Soar in August
Recently released figures have shown that revenue from online gambling activities soared for the month of August in New Jersey. In addition, the state also saw record highs when it came to sports betting, with close to $670 million in wagers during the month of August, reflecting an increase of 112% month-on-month.
Online casino revenues soared for the month, with officials believing that people have been drawn back to online casinos because of the return of major sports. This has then resulted in more people taking part in other activities also offered at sites, including online casino games and poker, which has resulted in a sharp rise in activity and revenue.
The figures show that online casino revenue broke the previous record for New Jersey, which was set in July, and was more than double compared to the same month last year. More and more people have been using online casinos since the COVID-19 outbreak, as many were in lockdown at home and there were no brick-and-mortar casinos available for several months.
Eric Ramsey, an analyst for PlayNJ, said:
New Jersey’s online casino market appears to have set a new floor as it continues to fare well even as casinos reopen in Atlantic City. As people were forced to stay home, they were introduced to these online gambling products. And many of those gamblers apparently liked what they found.
Ramsey added that he did not think that online casino gambling would ever go back to pre-pandemic levels now that people had developed a taste for this method of online gambling entertainment.
The figures for online gambling among New Jersey residents have come as a pleasant surprise for many officials. Online casinos and poker rooms generated nearly $88 million in August, and this reflected an increase of 113.6% compared to the same month last year.
It was also slightly higher than the record set in July this year when $87.5 million was generated by online casinos.
This marks the fifth month in a row where online casino revenue in the state has risen above the $80 million mark. It reflects the ongoing popularity of online gambling, as more and more people turn to online casinos for entertainment during these unprecedented times.
While land-based casinos have now reopened in New Jersey, there are strict new measures in place, including limits on capacity. This has led to fewer people heading to physical casinos to gamble, which has then resulted in a further increase in those heading online to enjoy some gambling.
The figures also show that during the first eight months of this year, nearly $598 million has been generated from online gambling. This is more than 100% higher than the first eight months of 2019.
Officials have said that based on the figures seen so far, total revenue generated from online gambling by the end of 2020 could be more than double that of last year. This still won’t be enough to make up for the losses land-based gambling venues sustained due to the COVID-19 pandemic though.
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