Atlantic City casinos have been having a profitable year in 2022, with almost $3 billion being collected in revenue. However, this is still eclipsed by the growth of New Jersey’s online casino market. While the in-person visitors to Atlantic City represent an impressive increase from 2021 totals, the online sector has grown even more rapidly.
In 2021 alone, online casino apps saw a surge in growth by more than 21%. If this trend continues, it is not unreasonable to expect that online gambling may eventually become even more valuable than the casino games traditionally enjoyed in Atlantic City. This could result in some major changes to gaming regulations within the state of New Jersey.
Revenue Report For December 2022
New Jersey’s Division of Gaming Enforcement reported an impressive 9% increase in revenue from Atlantic City casinos in December 2022, bringing the total for the year to $2.79 billion. This figure is even higher than 2019’s total of $2.68 billion, showing an encouraging 5-year growth trend.
Online casino and poker revenue was also impressive at $1.66 billion, although this still lags some way behind the figures posted by brick-and-mortar casinos within New Jersey. New Jersey online casino revenue rose over 70%, significantly faster than traditional one-armed bandits and table games, indicating that modern digital offerings are becoming more popular. Regardless, it appears New Jersey’s gambling industry has a bright future ahead of it as long as it can continue to develop exciting ways for customers to access their entertainment safely and securely.
Challenge Of Sustaining A Modest Annual Growth
New Jersey online casino operators have plenty of reason to be hopeful, as they can theoretically reach annual growth rates of 18%. While this is a very simple assumption, the reality may be much more complicated. Other variables could threaten sustained growth in the New Jersey online casino industry such as acquisitions or pullouts.
Operators must also consider their spending on promotional activities for their platforms. If these resources are cut, it may decrease their ability to stay competitive amidst the changing landscape of New Jersey’s online casino industry. Businesses will have to think carefully about how they go forward and assess all of the possible outcomes before taking action.