Monthly Sports-Betting Revenue for New Jersey Casinos Reach All-Time
In what is the cause of the biggest monthly revenue to be recorded in three decades, casinos and online operators in New Jersey have made a whopping $95 million from sports betting. Gamblers spent a total of $95.6 million in the month of August, greatly boosting the revenue of operators in Atlantic City.
The sports betting market in New Jersey is soaring and shows no signs of coming down, as the total amount of $95.6 million, which was wagered during the month of August, was higher than twice the amount of money spent by gamblers during the month of July. This surge in revenue is a result of increasing competition between various companies, which came after the U.S. Supreme Court struck down the law that banned sports betting, making it legal in all 50 states.
This huge boost in the total amount of dollars plunked down on sports betting helped casinos in Atlantic City to boost their revenues by as much as 24 percent compared to last year. This means that revenue has reached almost $304 million currently.
Land-based casinos have major contributions; online betting expected to increase
Out of the $95.6 million wagered in August, almost 80 percent of it, that is, $74 million, came from land-based casinos’ betting windows, while $21.7 million came from online betting and mobile phone applications. The online and phone betting market is expected to grow significantly and soon dominate the gambling industry as an increasing number of companies are seeking approval from lawmakers to offer sports betting online.
The Director of New Jersey Division of Gaming Enforcement, David Rebuck, said that the gaming industry saw exponential growth in the past two months – July and August – exceeding numbers from the past years; all thanks to the opening of a number of new casinos back in June, as well as the addition of sports betting and online options into the mixture. He also added that he looks forward to more growth as it is an “exciting time” for the infamous Atlantic City.
As of now, various outlets in the state have won about $16.4 million from sports betting. However, since a portion of the money they take as bets, is from games that are to be played in the future, this money will only be accounted for after these games are concluded.
