Online gambling and sports betting set new records in New Jersey

Casinos and their technology partners earned more than $171.5 million from online slot and table games, according to the New Jersey Division of Gaming Enforcement.

At the same time, casinos and three racetracks that accept sports bets received $1.62 billion in bets in November, another record.

Together, these figures provide new evidence that technology and a broader menu of betting options are remaking the way some people gamble in New Jersey, where in-person gambling at a brick-and-mortar casino had long been the mainstay. way of betting.

Jane Bokunewicz, director of Stockton University's Lloyd Levenson Institute, which studies Atlantic City's gaming industry, noted that Internet and sports betting accounted for about 45% of Atlantic City's revenue in November. However, she sees it as a complement to land-based casinos rather than competing with them.

"Rather than decreasing traditional gaming revenues, Internet gaming and sports betting appear to be well-received consumer products that are filling a niche for certain players," he said. "There will never be a replacement for the in-person gaming experience, and the current relatively stable revenue from traditional gaming may simply be evidence of a stable market."

He said it remains to be seen how the rise of sports and online betting affects casinos' overall profitability. These revenue streams must be shared with partners such as sportsbooks and technology platforms and are not exclusive for casinos to maintain. This is largely why casinos consider the money won by players in person to be their key business.

And that key business remains behind pre-pandemic levels. Of New Jersey's nine casinos, only Hard Rock and the Ocean Casino resort won more from in-person players in November of this year than in November 2019, before the pandemic hit.

When you combine all the money won in person, online and on sports betting by the casinos and the three racetracks, the total amount won in November was $482.4 million, an increase of 9.4% from the previous year.

The Golden Nugget, which has long had a robust online gambling operation, won more than $50 million on Internet casino games in November, up nearly 33% from a year earlier. Other big online winners included Resorts Digital, the Internet division of Resorts Casino, which earned $47.2 million, up more than 26%, and the Borgata, which earned nearly $38 million online, down 14.4% .

In terms of overall gaming revenue, including internet and sports betting, market leader Borgata earned more than $97 million in November, down 8.6% from a year earlier; Golden Nugget earned $61 million, up almost 25%; Hard Rock earned $52.4 million, up more than 26%; Ocean earned $36.7 million, an increase of 5.7%; Tropicana earned $28.5 million, up 8.2%; Harrah's earned $20 million, down 2.3%; Bally's earned $19.7 million, up more than 29%; Caesars earned almost $17.9 million, down 6.6%; and Resorts earned $12.4 million, an increase of just under 1%.

Looking only at the money won by in-person players, Borgata earned $51.6 million, down 6.1%; Hard Rock earned $41.4 million, an increase of 16.7%; Ocean earned $31.4 million, up 1.4%; Harrah's earned $19.4 million, down 7.6%; Tropicana earned $17.8 million, down 6.8%; Caesars earned $17.5 million, down 7.7%; Resorts earned almost $12.5 million, down 0.2%; Bally's earned $12 million, up 20.4%; and Golden Nugget earned $11 million, down almost 3%.

The total amount of money bet on sports, known as the “handle,” also hit a new high in November. But of the $1.62 billion in bets placed by casinos and tracks, only $96 million remained as revenue after paying winning bets and other expenses.

The Meadowlands racetrack in East Rutherford, just outside New York City and known for hosting a FanDuel sportsbook, earned more than half that amount, with $57.6 million. DraftKings affiliate Resorts Digital won more than $19 million on sports bets.