In the last several years, online casinos have notably expanded in popularity worldwide. This can be attributed to myriad factors – such as the continual advancement of technology, the ubiquity of smartphones, more people working from home, and the emergence of mobile-first platforms that inherently adapt to the hectic daily schedules of participants. Moreover, this uptick in online casino gaming appears set to continue, with heavy investment in new technology and increased collaborations between casinos and cutting-edge game developers with the leaders offering top new customer incentives all the time, take a look at this bonus at betMGM NJ casino, for example.
For many, New Jersey is the bona fide “home” of gambling in the United States, with Atlantic City providing a haven for casino gaming for over a hundred years. However, in the last decade online gambling in New Jersey has become a preeminent outlet for aficionados in the state seeking to engage in the latest casino games. Last month, online casinos in the “Garden State” recorded their second-best month ever in terms of revenue, representing a 10% increase for that month from May 2022. Moreover, the current record was only established in March this year, signalling an overall uptick in online casino gaming in the state.
A significant uptick in online casino participation
The recent uptick in online casino participation in New Jersey looks exceptionally favourable for the industry. Last month, online outlets generated $161.4 million in profit, representing a mere 2.4% less than the current record of $165.7 million in March 2023. Moreover, beyond these overall figures, many online casinos grew by even larger amounts than the average. This reflects a nationwide trend in the US, which generated over $54.9 billion in revenue last year. Overall, online gaming has emerged as one of the most lucrative industries in modern society, reflecting the transition of many aspects of our lives to the digital realm.
A downturn in physical casino attendees
Contrastingly, in-person casino participation in New Jersey has witnessed a relative slump, falling by 1.6% and totaling $231.4 million. Physical casinos are typically used as a baseline in New Jersey to reflect the health of the industry, with many commentators wary of the significance of these statistics for the future. However, others have noted that although this decline cannot be denied, the early months of this year are still some of the strongest overall for in-person gambling. Thus, the economic turbulence of the past several years may still be heavily influencing physical participation figures and may stabilize over time.
The popularity of online casinos is set to continue
Meanwhile, industry insiders are predicting a prosperous summer for online casinos in New Jersey – and the industry overall. Statistics reflecting spring 2023 equates to a successful summer period, where gambling in-person and online is typically higher. Thus, summer this year may be a record-breaking few months for the gambling industry in New Jersey – particularly with some uncertainty relating to online gambling legislation in the state. New Jersey’s 10-year online gambling licence is set to expire in November 2023, with lawmakers endeavoring to extend this for another decade. If there are any doubts leading up to the vote among casino patrons, participation figures could feasibly be even higher this summer.
Technology and the development path for online casinos
The developmental pathway for online casinos could not be more auspicious. In collaboration with various facets of the tech industry, online gaming could advance to unprecedented territory. For example, the emergence of virtual reality (VR) and augmented reality (AR) technology is already being utilized in online casinos, offering a more authentic and realistic gambling experience. Moreover, through these elements, online casinos are facilitating social aspects of the game that were previously lacking through live dealer games, in-game conversations with other participants, and the creation of virtual casinos that replicate the physical experience. Ultimately, to compete with these emerging trends physical casinos will be required to explore new means of attracting clients and offering facilities that the digital world cannot.
A bright future for the industry
New Jersey has experienced numerous gambling industry slumps in the past. Generally, many gamblers consider this form of entertainment a luxury; thus, in times of economic uncertainty, it is logical that participation experiences a relative decrease. Moreover, despite the relative decline in in-person casinos, the future looks favourable for the industry overall – last summer, the American Gaming Association noted that the commercial gaming industry in the United States witnessed its best-ever quarter relating to gross revenue. Providing New Jersey is successful in its bipartisan bill to guarantee an additional decade of legislation until 2033 the state will be able to enjoy millions of additional dollars towards the state economy. Overall, online gambling can be regarded as a particularly successful industry, with future investment in iGaming technology that will generate significant revenue streams that will benefit the “Garden State” overall.