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New Jersey’s Online Betting Shows Record Increase

April 17, 2019
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New Jersey's online betting venues have received an exponential hike in profits in March; more than ever before. According to a report released by the New Jersey Division of Gaming Enforcement, the state recorded a $39.1 million revenue boost. The hike is $5 million above the previous month.

A lot of the increase in revenue can be credited to the sports betting online. Gambling venues online are now able to add a mixture of casino games and sportsbooks to their portfolios. The sportsbooks have made it possible to find more players who would not necessarily use gambling sites before the introduction of sportsbooks.

The state records show that in January and February, New Jersey casinos were handling a total of $142 million at racehorse gambling lounges. A further $564 million in earnings was managed from casino games. 

Poker not Showing the Same Increase

However, online poker has not shown the same amount of growth as the rest of the casino games. In comparison to March last year, online poker revenue showed a decrease of 3.2 percent. Despite the growth of the overall New Jersey online gambling market, it does not seem to translate to more players for poker on the internet. Sports betting has brought in $24.2 million in winnings for casino operators in New Jersey. Therefore, it’s sports betting that New Jersey bettors are after.

New Jersey to take over Nevada as Sports Betting King

There are some analysists in New Jersey who said think it is only a matter of time before New Jersey takes over Nevada as the most prominent sports betting market in the US. Nevada raked in $458 million in February. However, the growth in New Jersey has a revenue of $372 million in gambling. This outcome is quite significant for the state because the earnings of the previous year did not show such high gains.

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