Considering the difficulties that the industry has faced thanks to Covid-19, the revenue figures for New Jersey covering 2020 appear to be holding up well. According to the statistics, gambling operators in the Garden State have seen revenue of $2.6 billion, and that is an impressive number.
The Role of Online Casino Gaming
We know that online casino gaming played a significant role in this figure as it was responsible for over 30% of the total revenue. That figure was a total of $870.9 million, but that figure is anticipated to continue to rise in 2021, especially if the same limitations are kept in place for a significant part of the year.
Online gaming has been available for seven years in the Garden State, and this figure is one of the best recorded. It has certainly outperformed New York in 2020, which has recorded a total of $0.
Sports betting has also performed relatively well over 2020 in New Jersey with a total revenue of $332.1 million. This means it also outstrips the figures from New York which apparently recorded a mere $8.6 million.
Sports betting figures are going to be on the increase throughout 2021. It is still a new market compared to other aspects of gambling, so being able to reach this particular figure is progress. It’s not unreasonable to presume that 2021 will see this figure getting closer to $400 million depending on how sports betting deals with the new NBA season that just kicked off.
Look out for special promotional deals as an attempt to woo more people into sports betting. However, with lower resident numbers, there is a ceiling that will be unable to be broken, so New Jersey needs to keep that in mind when it comes to this total revenue number. The only way it can be surpassed is by offering bonuses in the hope it makes a difference.
The Brick and Mortar Casinos
Finally, the brick and mortar casinos in New Jersey are still the strong mainstay when it comes to gambling revenue in the state. In 2020, casinos saw a revenue of $1.4 billion, and considering the different restrictions that have been in place for a number of months, that is still a high figure.
Casino operators would have initially been disappointed at this revenue level, but it is still a respectful level of income, and it far outstrips New York and its income. For 2020, casinos in New York had a revenue of $208.4 million. It may have had stricter restrictions at different times of the year, but that number does show how well New Jersey based casinos have been performing under extremely difficult circumstances.
Generating a revenue of close to $3 billion in the most difficult of years shows the importance of having different forms of gambling for the residents of New Jersey. Merely focusing on brick and mortar casinos would have resulted in it becoming an even harder year. Walk-in casinos have put up a good fight against a difficult opponent, and if the pandemic is defeated in the earlier part of 2021, then it could be a much better year for gambling of all types.