New Jersey Reports 119.8% Rise From Gaming Revenue

New Jersey gaming revenue is on the rise, with a whooping 119.8%.

The state of New Jersey came out with an official report where they announced that there is a rise of 119.8% in gaming revenue. This comes in just a few days after news from Denmark and the announcement concerning the first-ever decline in revenue from gambling since the market’s official regulation. New Jersey, on the other hand, is a different story.

Though there is an overall drop in gaming revenues all across the world, that is pretty much consequential given this pandemic. But, despite the pandemic, New Jersey put out quite solid numbers. This goes to show that online gambling, in general, is taking a swing in the USA at the moment.

In March 2021, the New Jersey Division of Gaming Enforcement, the official regulating body, reported $359.3 million in overall gaming revenue. Compare this to the numbers for March 2020, and you will find there is a 119.8% rise. Furthermore, several aspects of the online gaming world were compared with the previous year, and the numbers are quite positive.

For example, in March 2021 online gaming revenue hit $113.7 million, which is 75.4% more than the $64.8 million in March 2020. Out of the $113.7 million, online slots are a major contributor with $111 million. Consequently, the remaining $2.7 million are from peer-to-peer poker. The iGaming market king at the moment is The Borgata, leading the way with $36.2 million in revenue. The second and third respectively, are Golden Nugget with $31.8 million and Resorts Digital with $21.4 million.

Furthermore, sportsbooks are on the rise as well. We can see that the punters played $780.1 million dollars in online sportsbooks, while they also wagered $79.5 million at retail sportsbooks. This is all good news for FanDuel and PointsBet, who at Meadowlands practically broke the market for February, reporting a whopping 125.4% rise up to $31.3 million. New Jersey also reported that the casino win for March 2021 was $184.9 million, which is a hefty 116.3% if we compare it to March 2020.

In addition, the New Jersey report states that overall internet gaming winnings are $113.7 million in March 2021, which compared to last year’s period, amounts to a 75.4% rise in revenue. At the same time, sports wagering gross revenue is also on the rise or 360.9% year on year. Or, $60.8 million for the month. Crazy numbers.

Regardless of the success of online gaming, land-based casinos still suffer. This contributes to a somewhat grim general picture of the gambling world. That is definitely due to this pandemic, which saw casinos such as Atlantic City closing on the 16th of March 2020. Additionally, all sport wagering events were also cancelled, right until July 2020. That is when casinos went back to work, but with serious restrictions. All in all, last year is quite difficult to track and compare due to the many periods when all land casinos were shut down.

The latest report from New Jersey’s Division of Gaming Enforcement is a ray of hope in the gambling scene. Especially with total revenue from gaming for the first 3 months being $993.7 million dollars. Big rise, if we compare it to the $751.3 million from 2020, making for a 32.3% increase. Which is most definitely amazing. Overall, almost every segment of the online gambling market is noticing a rise in revenue. Specifically sports wagering, which amounts to $189.3 million in gross revenue. Even internet gaming win is up for 81.1%, or up to $311.2 million compared to last year.

There are all clear indicators that the US online gambling scene is growing at an unbelievable pace. Not that this comes as a surprise. Far from it, given that there are these constant predictions that the US online gambling scene will explode. And the current pandemic just made that happen even faster. Many people turn to online solutions, simply due to the safety and the convenience of their homes. And we only expect this trend to continue, and more and more people to make that switch. Thus opening new possibilities in a very lucrative market.

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