If you've ever walked away from an Atlantic City casino feeling like the odds were stacked against you, new research suggests your instincts were right on the money — or rather, on the lack of it.
Atlantic City casinos return less money to gamblers than casinos in any other major U.S. gaming market, according to a comprehensive national analysis that ranks New Jersey dead last among 20 casino states for player payouts. The findings paint a sobering picture of how our region's flagship gambling destination compares to competitors across the country.
The Numbers Don't Lie
The study from casino comparison platform BonusFinder found New Jersey's land-based casinos returned an average of 89.82 cents for every dollar wagered, giving the state the highest overall casino hold rate in the country at 10.18%. That means our casinos are keeping more than a dime of every dollar that crosses the felt.
By comparison, Nevada casinos — led by Las Vegas — returned roughly 94.2% to players, while Connecticut casinos returned about 91.7%, according to the analysis. The gap between Atlantic City and Las Vegas is particularly striking: BonusFinder estimated a customer wagering $500 in Atlantic City would receive roughly $22 less back than someone playing in Las Vegas during a similar session.
Over the course of multiple visits or longer gambling sessions, those differences compound quickly, potentially costing local players and tourists hundreds or even thousands of dollars compared to what they might retain at competing destinations.
A Decade of Pressure Takes Its Toll
The findings arrive as Atlantic City continues navigating years of regional gambling expansion, increased competition from neighboring states, and shifting consumer habits that have reshaped the city's casino industry over the past decade. For those of us who've watched the Boardwalk evolve — and seen beloved casinos shutter their doors — the study's conclusions feel like confirmation of what many have long suspected.
"Atlantic City has had a tough decade, with casino closures, new competition from neighboring states, and a visitor base that's had more options every year," said Lucy Wynne, Senior Gambling News Editor at BonusFinder US. "When operators are under that kind of pressure, the temptation is to protect margins, and the player return data suggests that's happening."
Atlantic City's casino industry has faced repeated challenges since the market's peak years, including the closure of several casinos and the rapid expansion of legal gambling in nearby states such as Pennsylvania, New York, Maryland, and Connecticut. As neighboring states opened casinos closer to large population centers, Atlantic City lost part of its long-held regional monopoly on East Coast gambling.
How Other Markets Stack Up
The report ranked Nevada first in player returns, with casinos holding only 5.8% of money wagered overall. Researchers attributed Nevada's stronger returns largely to intense competition among hundreds of casinos operating in Las Vegas and throughout the state, forcing operators to compete more aggressively for gamblers.
Connecticut ranked near the top despite having only two casinos — Foxwoods Resort Casino and Mohegan Sun. The report suggested those casinos maintain stronger payout rates because they compete directly for the same Northeast visitors traveling from markets like Boston and New York.
New Jersey, meanwhile, ranked behind Pennsylvania, which also posted comparatively high hold rates tied partly to some of the nation's highest casino tax rates. The report highlighted how casino tax structures can influence player returns, with states imposing higher gaming tax rates potentially placing additional pressure on operators to retain more revenue from wagers.
A Silver Lining in the Digital Realm
The report focused specifically on land-based casinos and noted that New Jersey remains a national leader in online gambling, where market competition and payout structures differ significantly. Our state's robust digital gaming market has become a bright spot in an otherwise challenging landscape.
New Jersey generated approximately $2.82 billion in land-based casino gross gaming revenue in 2024, according to the study. Industry analysts have increasingly pointed to online gaming growth as one of the key factors reshaping Atlantic City's broader gambling economy, particularly as physical casinos compete with digital betting options and nearby out-of-state properties.
Atlantic City's casino market remains one of the country's most recognizable gambling destinations, but the study suggests the city's operators are returning less to players than competitors elsewhere as regional competition intensifies. For our community, which has long depended on casino revenue for jobs and economic vitality, the challenge is clear: how do we balance the financial pressures facing operators with the need to offer competitive experiences that keep visitors coming back to the Boardwalk?
