Sports Betting News

Sports Betting And Online Gambling Lead NJ To Its First $300M July Since 2010

Nothing like the latest monthly revenue report signifies sports betting games lucrativeness and favourability in abundance. Published by the New Jersey Division of Gaming Enforcement, it registers NJ sports betting revenue numbers, a record-setting month for online gambling and the first full month for Atlantic City’s two new casino properties.

Nonetheless, the top-line number statistics are prominent: total gaming revenue.

Since their last post in July 2010, the state’s gaming industry – encompassing nine land-based Atlantic City casinos, sports betting and online gambling – hit its first $300 million mark.

Three verticals guaranteed to procure the $300 million:

  • Land-based casino revenue:$272.3 million (+10.1 percent Y/Y)
  • Online gambling revenue:$25.9 million (+25.8 percent Y/Y)
  • Sports betting revenue:$3.8 million (no comp)
  • Total revenue:$302.1 million (+12.8 percent Y/Y)

Diversity was a foreign concept back in July 2010, having Atlantic City generating a total of $323,497,917 in gaming revenue off it’s 11 land-based casinos.

In July 2011, the figures decreased to $298,209,251. And inevitably, before rebounding in July 2015 they landed down to $244,971,188.

Forecasts indicate that with the subjoining of NJ online gambling revenue and sports betting revenue will boost the New Jersey gambling industry.

A Lot Can Be Altered In Eight Years

The modifications by the Atlantic City casino industry since hitting the $300 million in July have been noticeable.

Atlantic City possessed 11 casinos in July 2010:

  1. AC Hilton
  2. Bally’s AC
  3. Borgata
  4. Caesars
  5. Harrah’sMarina
  6. Resorts
  7. Showboat
  8. Tropicana
  9. Trump Marina
  10. Trump Plaza
  11. Trump Taj Mahal

9 casinos in the Atlantic City are currently in operation but hardly assimilate with July 2010’s casino docket.

  1. Bally’s AC
  2. Borgata
  3. Caesars AC
  4. Golden Nugget
  5. Harrah’s AC
  6. Hard Rock Atlantic City
  7. Ocean Resort Casino
  8. Resorts
  9. Tropicana

And the cause if it is?

Out of the 11 casinos from July 2010, 6 are still under operation using the same name.

  1. Bally’s AC
  2. Borgata
  3. Caesars
  4. Harrah’s AC
  5. Resorts
  6. Tropicana

Two other casinos are still open but altered their identities as years went by:

  1. Trump MarinaGolden Nugget
  2. Trump Taj MahalHard Rock AC

Three other casinos failed to last:

  1. Showboat closed but reopened as a hotel-only property
  2. AC Hilton Atlantic Club closed
  3. Trump Plaza closed

More unexpectedness was occurring amidst all the evolution when Revel ran their tenure between 2012-2014 as the 12th casino, and all of a sudden resuming as Ocean Resort in 2018.

The Sports Betting Era

NJ sports betting could easily be seen as a gamechanger of New Jersey’s gaming industry in July, similarly with online gambling.

Moderately generating $3.8 million in July, using only a minority of available retail locations adding to it some informal temporary sportsbooks. With that said, $300 million would’ve been eclipsed by New Jersey without that $3.8 million.

Nonetheless, the forthcoming month’s projections predict a significant raise. Let alone chances of topping July’s results attributed to Nevada.

These reasons explain why:

  • More casinos and racetracks have or plan to, open retail locations.
  • DraftKings Sportsbook, SugarHouse Sportsbook, and playMGM sports betting app launched in August, with more launches planned in the coming weeks and months.
  • A more favorable part of the sports betting calendar approaches (NFL season).

Expect a lot of positive news coming out of New Jersey on the gambling revenue front in the coming months.

That indicates that the 2 new casinos are undeniably developing the market, while online gambling is hardly slipping on its motion, and sports betting is tentatively working its trials in New Jersey.