2021 sees the state of New Jersey pass the milestone ‘$1 billion dollar’ mark for online casino revenue. The feat will be of little surprise to most, as the state has seen a surge in online gaming activity since it became legalized back in 2013. Has the industry peaked, or is there more to give? We are going to look into online casino gaming in New Jersey, and analyze the latest report to see what it’ll mean for the future.
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A Monumental 2-year Influx
Since 2020, the online casino trade has gone through the roof. Before that, the industry generated steady monthly incomes of around $30 million, but now that figure has tripled to figures anywhere between $90-$102 million.
If you look back at January 2018, the state of New Jersey generated $20.01 million from online casinos for that month. By the middle of the year, there had been a small increase of around 10%, but by the end of the year, that figure had increased to $27 million for the month of December – a 35% increase from the start of the year. After 2018 had gone, the industry never looked back, and by December 2019, the state had recorded $47.59 million.
January 2020 would see the industry shift into yet another gear, kicking off with an all-time high of $53.25 million. By June that figure had rocketed to $81.38 million, and by December had reached $96.43 million. January 2021 saw the state break the $100 million barriers, with total revenue of $101.03 million. By this point, the industry only had to maintain its current level to guarantee to hit a yearly total of $1 billion – and so it has.
Why the Sudden Surge?
The popularity of online gaming has increased astronomically in recent years, with more and more people becoming accustomed to a more convenient lifestyle, where gambling is available to them at the click of a button, rather than having to spend significant time away from home to place their bets.
Technology has vastly improved too, with gaming providers now using the latest technologies, they are able to offer far superior entertainment than ever before, meaning that players are getting much better entertainment value for their money as well, and security standards businesses have to follow have created a safe gaming environment.
The surge in the market has generated more competition too, as companies see an opportunity to take a lucrative slice of a growing marketplace. Having more competition means more choice for players – again, giving them more entertainment value.
But it is no coincidence that the surge began in 2020, and that was the beginning of covid-19. Gamblers who would usually frequent casinos were forced to stay at home, while casinos temporarily shut their doors as a measure to combat the virus. If players now wanted to gamble, then they must find alternative methods – and online casinos were more than welcoming to the newly found custom.
Can the Trend Continue?
In the current climate, it is safe to say that online casinos have a very promising few months ahead of them – at least. Industries that are using AI technology certainly have an upper hand. While covid-19 still lurks, governments seemingly have little idea what effective ways there are to beat the virus, and as long as there are still restrictions and players are not comfortable with gambling at retail casinos, then it is fair to expect the trend to continue. Online casinos are making the most of this period, and slot providers are pumping out as many games as they can muster.
What about the Future?
It goes without saying that nothing is a given – especially in the current climate. Covid-19 has impacted businesses across the world without prejudice and caused stock prices crashed. In a future world where covid-19 is not as much a concern as it is today, then retail casinos in New Jersey will see a fightback. This may cause a pullback effect to online casinos, however, even if online casinos do start to lose a little trade, they will not go back to pre-covid levels. The pandemic has given online casinos more followers, and not all of them will turn their back on the operators who have provided gambling services for them throughout this period.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
