Gambling revenue for casinos in New Jersey tanked hard in March. This was mainly due to the coronavirus, experts said. The question is whether or not once the lockdown is lifted whether or not the casinos will be able to bounce back.
Atlantic City casino gaming March revenue was down to $163 million, a 44% decline compared to last year.
James Plousis, chairman of the Casino Control Commission said the numbers are a surprise to no one as the direct outcome of casino shutdowns. “I know that, at this time, the paramount concern for all of the casino licensees in Atlantic City is the safety of their employees and customers,” he says. “I share their concern.” Sports gambling revenue was also hugely impacted as the Coronavirus outbreak canceled professional and amateur leagues, leading to a revenue of only $6.4 million, a 44% decrease compared to March of 2019.
That said, online gambling revenues were way up in March. They saw a 65% increase in the amount of money played.
“Online casinos can’t sustain the industry forever, but those with the healthiest online products should be in the best position to emerge from these incredible circumstances, and the tax revenue from online casinos is welcome when so much pressure has been put on the state budget,” said Eric Ramsey, an online gaming analyst for PlayNJ.com.
We feel this signals a clear line for the expanding popularity of online casinos. For the most part, people were unaware of them before the lockdown started. Since then people have been searching for ways to gamble. Online is clearly it.
And each time one player discovers online gambling they will tell their friends about it. That causes online gambling to spread. One can almost imagine a time when online gambling becomes more popular than brick and mortar gambling.
People like to gamble and will always find a way to do so. As brick and mortar gambling becomes harder to access, people will look for new ways to place bets. Online gambling seems obvious as a way to do so while not breaking the law.