Internet gambling and sports betting set new records in New Jersey – NBC10 Philadelphia

Internet gambling and sports betting set new records in New Jersey in November as Atlantic City’s gambling market continues to grow and become less dependent on brick-and-mortar casinos, according to data released Friday.

More than $171.5 million was won from online table and slot games by casinos and their technology partners, according to the New Jersey Division of Gambling Control.

Meanwhile, casinos and the three racetracks that accept sports betting collected $1.62 billion in wagers in November, another record.

Taken together, these numbers provide new evidence that technology and a wider menu of betting options are changing the way some people gamble in New Jersey, where in-person gambling at a brick-and-mortar casino has long been the primary way to bet.

Jane Bokuniewicz, director of Stockton University’s Lloyd Levenson Institute, which studies Atlantic City’s gambling industry, noted that Internet and sports betting accounted for about 45 percent of Atlantic City’s revenue in November.

But she sees it as a complement to private casinos, rather than competing with them.

“Rather than detracting from brick-and-mortar gaming revenue, Internet gaming and sports betting appear to be well-received consumer products that fill a niche for certain gamblers,” she said. “There will never be a substitute for the in-person gaming experience, and the current relatively flat revenue from physical games may just be proof of a stable market.”

She said it remains to be seen how the growth of online and sports betting affects overall casino profitability. These revenue streams must be shared with partners such as sportsbooks and technology platforms and are not just for the casinos. This is largely why casinos consider the money won by personal gamblers to be their core business.

And this key business continues to lag behind pre-pandemic levels. Of New Jersey’s nine casinos, only the Hard Rock and Ocean Casino Resort earned more from in-person gamblers this November than in November 2019, before the pandemic hit.

When all the money won in person, online and from sports betting from the casinos and three racetracks were combined, the total won in November was $482.4 million, a 9.4 percent increase from a year earlier.

Golden Nugget, which has long had a robust online gambling business, earned more than $50 million from Internet casino games in November, up nearly 33 percent 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 Borgata, which earned almost $38 million online, down 14.4%.

In terms of total gambling 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 nearly 25%; Hard Rock earned $52.4 million, up more than 26%; Ocean earned $36.7 million, up 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 nearly $17.9 million, down 6.6%; and Resorts earned $12.4 million, an increase of just under 1%.

When looking at money won by personal gamblers alone, the Borgata earned $51.6 million, down 6.1%; Hard Rock earned $41.4 million, up 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 nearly $12.5 million, down 0.2%; Bally’s earned $12 million, up 20.4%; and the Golden Nugget earned $11 million, down nearly 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 taken by the casinos and tracks, only $96 million was retained as revenue after paying out winning bets and other expenses.

The Meadowlands Raceway in East Rutherford, just outside New York City and known for hosting FanDuel sports betting, took in more than half of that, at $57.6 million. Resorts Digital, affiliated with DraftKings, has earned over $19 million in sports betting.

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