- New Jersey’s results improve 13 months in a row
- Mobile dominates the sports betting vertical
- The Garden State posts better results year-over-year
New Jersey’s casino industry has grown for 13th consecutive month, posting a stronger overall financial year.
New Jersey’s Casinos Show a Solid Financial Year
New Jersey’s casino industry has been keeping steady throughout the years. For a 13th consecutive months, the Garden States’ casinos have posted buoyant results, propped up by the legalization of the sports betting industry 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 new Atlantic City casinos as well as legal sports betting, which has had its intended effect, boosting the results for the state’s gaming properties overall. Whether the $50 million growth is that significant remains to be seen, as casinos are only now learning to reap the benefits of major events such as Super Bowl and March Madness. Better results are expected in 2020.
Commenting on these developments, Rummy Pandit 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. Pandit expects this trend to keep up once against reinforced by the newly-emerged sports betting sector.
Slots Bring in the Biggest Profits for New Jersey
Not surprisingly, slot machines continued to generate the most significant part of the revenue throughout the period. Slots fetched nearly $169 million 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 more than a year before. This result only applies to the first half of the year. Overall, New Jersey remains the second-largest gaming hub for now, with experts forecasting that the Garden State would eventually overtake Nevada because of its population density and fairly more accessible environment.