New Jersey’s January Gambling Triumph Despite Downturn in Casino Profits
Staff Editor Atlantic City, New Jersey, is making waves in the world of gambling as the year 2024 kicked off with a bang. While traditional in-person casino winnings saw a slight dip, the industry saw groundbreaking achievements in other areas. In January, New Jersey witnessed record-breaking internet gambling revenue, sports betting revenue, total sports wagers, and total casino-sports betting-internet revenue. The state Division of Gaming Enforcement reported that the total amount won across Atlantic City’s nine casinos, three sports-betting horse tracks, and their online partners totaled over $559 million, marking a significant 28% increase from the previous year.
Despite the dip in in-person casino winnings in January, down 3.1% from the previous year, experts attribute the shift to harsh winter weather pushing more activity towards online channels. Jane Bokunewicz, the director of the Lloyd Levenson Institute at Stockton University, noted that the success of internet gaming and online sports betting likely drew patrons away from physical casinos to digital platforms. The shift was particularly notable in Atlantic City’s newest establishments—the Borgata, Hard Rock, and Ocean casinos—which saw growth in in-person gambling revenue compared to the previous year.
James Plousis, chairman of the New Jersey Casino Control Commission, highlighted how the online gaming and sports wagering sectors continue to provide a competitive edge to operators, even during Atlantic City’s traditional off-season. This advantage was evident in the record-breaking $1.71 billion worth of sports bets placed in January, surpassing the previous record set just two months prior. The Meadowlands Racetrack near New York City saw a staggering 137% increase in sports betting revenue, while Monmouth Park near the Jersey Shore witnessed an 8.5% rise. However, Freehold Raceway experienced a loss on sports bets compared to the previous year.
The success of the gambling industry in New Jersey reflects a broader trend of shifting consumer preferences towards online platforms. This trend is not unique to Atlantic City but is mirrored in other markets as well. As technology continues to evolve and consumer behavior changes, the gambling industry must adapt to meet the demands of a new era. The records shattered in January 2024 signal a paradigm shift in how people engage with gambling, showcasing the resilience and adaptability of the industry in the face of evolving challenges.
