New Jersey Online Casino Revenue Edges Closer To Brick-And-MortariGaming Market Narrows The Gap |
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New Jersey was on the forefront of the new state-by-state approach to online gaming after legalizing the industry, including poker, in 2013. Now recent revenue reports have shown that iGaming has become so popular that the industry is catching up with the revenue produced by traditional Garden State casinos.
In April, live casinos reported total revenue of $216.8 million while online gaming came in at $187.9 million. That was an increase of 18.2% for online gaming from the same month in 2023 and exemplifies how close iGaming is to catching traditional gaming – a gap of just under $29 million.
Unions Concerned About Live Casino Revenue
The changes come as New Jersey has seen some dips in live casino revenue over the last few months, although April saw some increases. Some casino union representatives have expressed concern as the state faces increased competition from properties in neighboring states.
“As lawmakers continue to proceed with the annual state budget process, representatives in the New Jersey Legislature must understand the perilous economic situation at hand for my members, and indeed all workers in Atlantic City,” Unite Here Local 54 President Donna DeCaprio said in April.
“Not only is the overall in-person revenue troubling — but the size of the declines at some of the individual properties portends some serious instability for thousands of workers. The legislators need to take this into consideration as they consider policies that could compound the downward trends.”
Gap Closing
The April numbers narrowed the revenue gap between live and online gaming more when compared to March. That month saw Atlantic City casinos with revenue of $239.8 million, an increase of 4.9% from $228.6 million in March 2023.
Online gaming registered revenues of $197.2 million, rising 19% from $165.7 million last year. That put the difference between the two gaming options at $31.4 million. The two months saw that gap drop by almost $2 million.
As the gap continues to close and online gaming continues to see major growth in New Jersey and in other legalized states, it seems that online gaming may eventually produce even higher numbers than live casinos.
Experts in the industry point to several reasons for this including ease of use, lower betting limits, a wider selection of games, and more. Despite the iGaming growth, online poker has mostly remained flat in recent months. Some believe that more shared liquidity, such as expansion by WSOP.com recently, can help turn that trend around.
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