New Jersey Gaming Revenues Rising from Sports Betting
New Jersey gaming revenues have risen by 25 per cent since 2018. However, Atlantic City casinos have lost up to 22 per cent year on year. The biggest contributor has been legal sports’ betting operations in the state after operations went live in June. Still, the overall losses from casinos are worrying for the state.
According to the revenue report, online casinos, sports betting and Atlantic City operations won $229.6 million in the past year. Gross gaming revenue (GGR) shows that sportsbooks kept $18.77 million in bets, while online casinos won $33.6 million. Even though land-based casinos earned $177.2 million in GGR, individual casinos lost between 8.6 and 21.3 per cent.
For the moment, New Jersey is home to nine casinos in Atlantic City. All of the casinos have a sportsbook, and two race tracks have a sportsbook each. Some New Jersey gaming operations have been struggling for a while, like the Ocean Resort.
New Jersey Gaming Casinos Lose Millions
A good year can be misleading, as the report shows. Stats show that the only casino resort to out-earn was Resorts World by 8.8 per cent. Caesars lost 21.3 per cent, or $4.6 million, since 2018. Of course, the introduction of sports gambling has driven profits up somewhat. In total, this earned casinos $9.7 million. Additionally, sportsbooks based at Meadowlands and Monmouth Park racetracks helped the overall New Jersey gaming revenue.
Meadowlands earned $7 million, while Monmouth Park earned $2 million. However, sports’ betting has only been legally offered this year. So, there’s no comparison for the moment. On the other hand, positive revenues could be a first time thing. More so, NJ is only one of seven states to legalize gambling. This won’t last forever, though the surrounding states don’t have casinos or race tracks yet. Either way, 2019 may just be an exciting year for gamblers in the US.
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