Even though New Jersey only legalized online gambling in 2013, the sector it gave rise to has already become one of the primary sources of income for the state, and the trend doesn’t seem to be slowing down.
Online casino game sales in March, July, and September of 2018 totalled more than $25 million. Comparing this year’s sales growth to last year’s, each month has shown a double-digit rise. For the sake of this Atlantic City casino comparison, we will only be examining the Resorts Casino Hotel and Marina Casino Hotel, two New Jersey state casinos that were successful when operating in Atlantic City. As you are aware, both of these hotels are situated in Atlantic City, yet even after opening there, they were able to succeed.
When five major casinos, including the Trump Taj Mahal, Atlantic Club Casino Hotel, and Trump Plaza, all shut their doors and tables in the months before the election, the casino sector in Atlantic City experienced a severe downturn in 2016. During the same time that the industry was growing, the popularity of casino games had increased by 62.5% annually. The profitability of physical casinos is significantly impacted by these benefits and the rise in internet participation. Although this policy may “cannibalize” the sales of other businesses, it can aid a company in gaining market share.
Steve Norton, formerly of a casino
According to a gambler and industry analyst in Atlantic City, casinos are likely to experience a client departure due to the growth of online gambling, which will significantly affect this “once thriving” industry. “Downsizing” usually results in these outcomes because it causes layoffs, bankruptcies, and decreased casino profits and payouts.
Wow! It’s official: Since establishing the Hard Rock Hotel & Casino and Ocean Resort Casino, Atlantic City has experienced a massive surge in income. Before the opening of these two resorts, the city had experienced a sharp decrease in gaming profits. All state institutions used to be able to raise revenue from non-gaming businesses and brick-and-mortar casinos, but this is no longer allowed. Six of the nine casinos in Atlantic City that are still open saw a significant decline in total gaming revenue year over year. Still, unexpectedly, all six of those casinos decreased in September 2018 gaming revenue.
Another insider at an Atlantic City casino, Schaffel, predicts that as state revenues continue to fall, New Jersey will likely expand its already lucrative iGaming market (which includes casino games and betting) over the next ten years, which will exacerbate the casino’s financial issues and ultimately lead to its closure. You’ll find yourself using the Internet to play games whenever you have the chance.
A significantly wider audience than traditional casinos is served by online casino gaming sites, according to the Global Casino Gaming Statistics research, and this audience includes people from New Jersey. Online casinos and poker rooms appeal more to female players and people of colour who would not feel comfortable at a busy casino since they offer a reasonably open and private setting in which to play. You can save a substantial sum of money by playing at casinos at a fraction of the regular cost, as you can see when you study the massive choice of money-saving bonus codes on online platforms.
Online casino games are now only available on conventional desktop and portable platforms due to the industry’s lack of innovation. Handheld gadgets are a must for the sector to develop over the long run. Players can access their favourite games more easily and rapidly by downloading mobile casinos and individual apps to their smartphones and tablets. Online casinos can also be referred to as being open round-the-clock since they are accessible 24/7, 365 days a year.
Better positioned to view.
Asserting that “there is no meaningful means to make up for the financial gap from closing New Jersey’s casinos,” Schaffel and Norton agreed. Though not everyone in Atlantic City does, some do. In my opinion, Steve Ruddock’s claim that online casinos are destroying other industries is more hyperbole than fact. The fact that the game has been around for five years, during which time both visits and expenditure have climbed, proves that he thinks online casino gambling is too popular and that “it has not had any bad influence on the number of visitors or the overall spending.”