Gambling revenue increased by more than 30 percent in New Jersey in the first month of 2020. The factors that led to this phenomenal rise include a profitable month at brick and mortar casinos at Atlantic City, betting on the playoffs leading up to the Super Bowl, apart from a spike in internet gambling revenue.
The Gaming Enforcement of New Jersey released the latest figures in February which indicates the gambling industry accrued more than $300 million in January of 2020 which is a 30.9 percent increase from January 2019 figures when sports betting had not yet evolved as much as it is now in New Jersey.
Sports betting key contributor
More than $540 million was wagered by gamblers on sports in the first month of 2020 and a majority of the betting was on basketball and football. This is the contributory factor that helped garner the third-highest total for a month since June 2018 when the state first started to offer legal sports betting. For the casinos and racetracks which offer sports betting, the bets resulted in a revenue of $53.5 million. This figure also is an increase of as much as 185 percent from the revenue generated in 2019.
Steady rise in internet gambling
Internet gambling climbed steadily as well in New Jersey, where more than $55 million of revenue was generated online in January which indicates a 64 percent increase from last year.
Atlantic City’s brick-and-mortar casinos also fared well even if they were not spectacular. These casinos experienced an 8.3 percent increase in revenue, resulting in a total of $192 million.
The encouraging numbers come as a relief for the resort that typically slows down in the winter months. The added revenue from internet and sports betting was long sought by the casinos, which generally do not depend on people coming all the way to Atlantic City.
Incredible performance by a majority of casinos
Six out of nine casinos in New Jersey reported a rise in revenue from both sports and internet betting as compared to what was witnessed in January 2019. The casino that topped the list of revenue generators was Hard Rock that experienced a 41 percent increase to see a total of $24.2 million. While Ocean Casino Resort raked in a revenue of $19.7 million, indicating a rise of 39.2 percent, Golden Nugget Casino accrued $36.7 million that shows a 37.2 percent increase from 2019 figures. Borgata generated $68.2 million with a 22.3 percent increase while Harrah’s experienced revenue of $23.6 million, which is up 9.9 percent. Tropicana witnessed a modest increase of 1.5 percent to rake in a total of $24.9 million. The other three casino resorts of Bally’s, Resorts, and Ceasars experienced a slowdown of 9.9 percent, 3.1 percent, and 1 percent, respectively. These resorts respectively earned $11.3 million, $12.4 million, and $17 million.
According to Ocean Casino Resort’s CEO Terry Glebocki, January of 2020 was the seventh consecutive month that the casino witnessed revenue growth in double digits.