ATLANTIC CITY, N.J. — If you ever felt the deck was stacked against you when you go to Atlantic City, you’re not imagining things. A new study shows Atlantic City is the unluckiest place to gamble in America.
Atlantic City casinos return less money to gamblers than casinos in any other major U.S. gaming market, according to a new national analysis that ranks New Jersey last among 20 casino states for player payouts.
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%.
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 difference can add up quickly for gamblers. 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.
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.
Atlantic City’s Competitive Pressures Under Scrutiny
BonusFinder’s analysis points to Atlantic City’s long-running financial pressures as a likely reason casinos are holding onto more gambling revenue compared with competitors in other states.
“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,” Wynne said.
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.
Nevada and Connecticut Outperformed New Jersey
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.
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Key Points
• New Jersey ranked last among 20 states in casino player return rates, according to BonusFinder
• Atlantic City casinos held 10.18% of money wagered, the highest rate in the study
• A $500 gambling session in Las Vegas returns about $22 more than in Atlantic City, researchers said
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Online Gambling Tells a Different Story
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.
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.
The report also highlighted how casino tax structures can influence player returns. States with higher gaming tax rates may place additional pressure on operators to retain more revenue from wagers, researchers said.
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.