NJ’s Soaring Online Gambling Market
Thursday, June 30, 2022
The latest figures from casinos in New Jersey have revealed that online gambling has increased by 15% compared to the previous year. The same study also announced that online gambling outlets in New Jersey took over $430 million from gamblers in May 2022 alone. But what exactly is the cause of this increase and what can we expect in the future? We reveal more below.
A new online landscape
The report found that Borgata was leading the gambling market with an increase of over 30% from last year. Hard Rock casino came in second place, taking in over $41 million, and giving them an increase of 19%. And, Ocean was third, up by nearly 3% and taking in more than $25 million from gamblers in the last year. However, it’s important to note that the actual figures could be much higher due to them being reported through other agencies. Despite this, the overarching trend seems to be positive for the sector.
Stats like these indicate that online gambling is soaring in popularity in New Jersey, NJ - and the same can be said in other parts of America too - despite land-based casino revenues being slightly lower than in previous years. While traditionally, in-person gambling was preferred, now online gambling brings the experience to individuals whenever and wherever they like.
Tapping into a new market
Today, the most popular method of accessing online gambling is via mobile phones - especially for younger audiences. In fact, figures have shown that gambling on laptops, computers, and tablets has steadily declined since 2020. Most gambling is still done in the home, with only 20% of gamblers placing wagers outside of their home.
This has led many industry experts to conclude that it’s the ease, convenience, and on-the-go nature associated with online gambling that makes it the preferred option for many - compared to traditional brick-and-mortar casinos. The emergence of new online games and leagues like eSports, as well as even more competitive online gaming leagues, has also meant that a new audience has become interested in online gambling.
The Director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz explained that the slight drop in visitors at physical casinos, and the increase in online gambling, may come down to the simple fact that people aren't going out as much as before. What's more, when they do go out, they might just be spending less. However, it must be pointed out that physical casinos are still achieving high rates of attraction and income.
A more mature offering
That's not to say that online gambling is taking over the casino industry. Rather, online brands and developers are working together with physical casinos to offer an even better player experience. What’s more, some physical casinos are branching out and using the likes of AI and VR to bring a more realistic casino environment to gamblers all around.
Now, live dealers and virtual reality games are allowing gamers and gamblers to have a real-life casino experience without leaving their homes. Besides the game, they're able to hear real casino sounds and engage with other players around the table. Some games even give players the opportunity to change dealers and alter the way they can view the board. The Chairman of the NJ Casino Control Commission reiterated that when casino brands and hotels team up with online gaming businesses and top NJ online casinos, it “can be a powerful combination.”
Looking ahead
It seems the gambling industry is at the start of a very exciting journey. Demand from existing players is still high and the emergence of new and more technologically savvy gamers means developers and casino owners must think innovatively if they want to keep up with the competition.
In the future, we can expect to see more physical casinos expanding their offering with online alternatives. Plus, as technology advances and more game titles are released, it’s expected that the overall gambling experience will be improved too. State-of-the-art sound systems and features will make live dealer games even more realistic and the likes of cryptocurrency will open up the doors for even more opportunities.