Why New Jersey Casino Market is blowing up this Winter
The gambling industry, in New Jersey and many parts of the world today in general, has gradually shifted more and more online. Gambling in the country used to be divided quite evenly in terms of online, offline, and live betting. However, the pandemic has changed all that
When Gov. Murphy issued stay-at-home orders at the start of the pandemic forcing most residents to remain indoors, New Jersey’s sportsbooks took a major hit, understandably. On the upside, online casinos and poker continued to flourish.
The shutdowns from the coronavirus pandemic may have impacted New Jersey’s gaming industry in unprecedented ways. And this will probably continue at least until a cure or vaccine has been found. While overall gaming revenue may have plummeted during the pandemic, one bright spot was found in authorized online casino gaming in the state which saw an increase during these past few wary months.
New Jersey’s online casinos have been a boon to the gaming industry, which employs thousands and generates millions in tax revenue for the Garden State. Were it not for these online casinos, there would probably be no industry to speak of today. As one of the most, if not the most progressive gaming states in the entire country, New Jersey is one of the few jurisdictions that offer punters online casino gaming.
While the revenue generated from online casino gaming is still not sufficient to narrow the gap in revenue created by the shutdown of brick and mortar casinos, it will definitely help to soften the blow.
Sports betting continues to take off
Sports betting has been instrumental in helping the online casino market to grow. That’s why investors, as well as sports betting companies from all over the world, are today running up the score as it regards sports wagering in the state. Analysts state the sports betting is going to keep growing even though it has only been a short time since New Jersey won the U.S. Supreme Court ruling clearing the way for all 50 states to offer legal sports betting.
So far, 20 states have already legalized sports betting in some form with more expected to legalize the industry in the coming year. By 2025, it is estimated that the industry will generate as much as $7 billion in revenue.
The return of sports has been a boost
Through the first 9 months of 2020, New Jersey has recorded over $3 billion in sports wagers, an increase from $2.96 billion during the same period last year. As you can expect, online sports betting continues to take the helm and has been responsible for over 90 % of all wagers placed thus far.
The fall marked the return of major sports such as the NFL games, which is one of the most wagered on sports in the country. Other sports to be wagered on this fall include hockey, basketball.
Fall this year will be marked as a once in a lifetime moment in the history of the modern sports calendar as all 4 major U.S sports held meaningful tournaments simultaneously. This will likely never happen again but it has been instrumental in providing the uptick in wagering volume needed to keep the industry thriving.
The quality of games has improved
Casino games such as Roulette, Baccarat, and Blackjack which are punter favorites are also the primary sources of live casino gaming. Blackjack, in particular, is known to be a top pick for many owing to the lower house edges. Such casino games are popular because they offer a different kind of feel for punters that’s similar to the floor.
And it’s not just the quality of the games that have improved, but also the overall betting experience. The ability to wager from a mobile device is something that has been very well received by bettors. Players these days are embracing casinos that are adopting new technologies as this always translated to better apps, clearer graphics, and a more enhanced playing and customer experience.
As technology continues to advance, the rise of modern punters will continue as people socialize and interact through games. User friendly gameplay, as well as game tournaments that allow friends to compete against one another, is also expected to be a mainstay in the future.
Consumer gambling habits continue to change
There has been a considerable change in consumer gambling behavior in the past couple of years. With the increased popularity of gambling apps, live dealer games, as well as mobile sportsbooks, social gambling is going to be on the rise, which is going to propel the market in New Jersey even further.
Operators and vendors are already leveraging the growth of the internet and the increased use of mobile devices to develop innovative games that punters can gamble on the go. As the legal infrastructure continues to change in favor of sports betting particularly in the online space, more and more companies are beginning to offer punters more sports betting options.
Companies and operators such as DraftKings are making serious developments in introducing easy to use systems that are available through public partnerships with sports leagues.
Increased payment options
One of the biggest challenges in any online gambling market has to do with issues regarding payment systems and options. In particular, credit and debit card companies are known to be notoriously harsh on gambling operators.
Thankfully, the number of alternative options to cash is slowly increasing, which is reducing the burden and risk of cash transactions for bettors. Almost every well-reviewed casino and online operator these days offers bettors a variety of deposits and withdrawal options. Even better, the use of virtual currency transactions such as Bitcoin is also on the rise, which has given bettors even more variety than ever before.
All in all, it appears that the shift towards online gambling is likely going to continue long into the future. The New Jersey casino market has demonstrated its lasting power which means that the shift towards more online gambling is something that will continue being experienced down the line.
Things in the New Jersey casino market have only just started. While New Jersey certainly has the best gambling industry thus far, it would be really nice to see it push itself over the next 3 or 5 years with the advent of virtual reality and AI.
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