New Jersey’s results improve 13months in a rowMobile dominates the sportsbetting verticalThe Garden State posts betterresults year-over-year
New Jersey’s casino industry hasgrown for 13th consecutive month, posting a 7BALL strongeroverall financial year.
New Jersey’s Casinos Show a Solid Financial Year
New Jersey’s casino industry has beenkeeping steady throughout the years. For a 13thconsecutive months, the Garden States’ casinos have postedbuoyant results, propped up by the legalization of the sports bettingindustry across the United States.
Year-over-year, New Jersey’s results hit a 21.5% increase, a remarkable overall result. Casino properties won $283.8 million up from $233.6 million a year before that. All data was provided by New Jersey Department of Gaming Enforcement (NJDGE). The state’s government has claimed almost $24 million in tax money on the casinos’ profits. New Jersey has already been showing signs of possibly overtaking Las Vegas as the new hub for gaming.
Last June, the state welcomed two newAtlantic City casinos as well as legal sports betting, which has hadits intended effect, boosting the results for the state’s gamingproperties overall. Whether the $50 million growth is thatsignificant remains to be seen, as casinos are only now learning toreap the benefits of major events such as Super Bowl and MarchMadness. Better results are expected in 2020.
Commenting on these developments, RummyPandit from Llyod D. Levenson Institute of Gaming, Hospitality &Tourism in Stockton University, had the following to say:
Atlantic City revenues continue to show growth and resilience within the gaming sector, further strengthening its position as the premiere gaming destination resort on the East Coast.
Understandably, Mr. Panditexpects this trend to keep up once against reinforced by thenewly-emerged sports betting sector.
Slots Bring in the Biggest Profits for New Jersey
Not surprisingly, slotmachines continued to generate the most significant part of therevenue throughout the period. Slots fetched nearly $169million of the total revenue, showing strong year overall.
New Jersey stayed strong insofar sports betting goes, but the year demonstrated that any new and established entrant in the sports betting vertical would need to launch their offer for mobile. The majority of wagers, estimated 83% of the total wagers, were placed via a mobile device remotely rather than attending a racetrack or a casino. Much of the success of mobile betting is owed to companies such as DraftKings that have perfected the offer.
In terms of gaming revenue,New Jersey led the way with $1.59 billion, or a $330 million morethan a year before. This result only applies tothe first half of the year. Overall, New Jersey remains thesecond-largest gaming hub for now, with experts forecasting that theGarden State would eventually overtake Nevada because of itspopulation density and fairly more accessible environment.
