The sports wagering industry in the state of New Jersey continues to demonstrate significant growth as becomes apparent by the latest spending figures. The sports betting sector in the Garden State experienced record monthly highs in November.
Gamblers from New Jersey have poured over half a billion dollars into the state’s thriving sports betting industry. These record spendings have significantly helped the casino gaming sector in Atlantic City.
The coastal resort town realized annual revenue of more than $3 billion, something that has not happened since the year 2012. There were as many as twelve casino venues in the city at that time. However, the gambling industry suffered a reduction in profits over the past several years as three of the twelve gambling venues closed their doors for customers, with the number of operating casinos dropping to nine.
Things took a turn for the better after the Supreme Court overturned the state-wide ban on sports betting in May 2018. This paved the way for the legalization and regulation of sports wagering in New Jersey, with several other states following suit.
Garden State Punters Spent Nearly $563 Million on Sports Wagering
Punters from the Garden State spent almost $563 million on sports betting in the month of November 2019 alone as the professional and college NFL season was in full swing. Basketball and hockey leagues also played according to full monthly schedules. The new figures surpass the Garden State’s previous record highs of $487 million, realized during the month of October.
The legalization of sports betting has also helped the casino gambling sector in the state, with local gambling venues realizing revenue of over $288 million last month. This figure stands for an increase of 16.5% from the revenue registered in the same month of 2018.
Throw in the sports wagering money generated at the Meadowlands and Monmouth Park racecourses and it turns out the New Jersey gambling sector’s total has grown almost to $306 million in November alone, a 19% increase from the previous year.
According to Rummy Pandit, who heads the Lloyd D. Levenson Institute at New Jersey’s Stockton University, this is an impressive benchmark for the local casino industry. And indeed it is, especially if we consider the fact six out of nine Atlantic City casinos reported growth in their gambling revenue for the month.
Six Out of Nine Atlantic City Casinos Reported Revenue Increase in November
The revenue of Ocean Casino Resorts alone increased by over 48% from the previous year, rising to $22.6 million. The casino’s Chief Executive Officer Terry Glebocki explained the gambling venue enjoyed a 66% growth in revenue from slot machines and table games this past month. The CEO attributed this immense growth to the new marketing offers the casino introduced.
Ocean was not the only Atlantic City gambling venue to register considerable revenue in November, however. The Golden Nugget boasted a 41% revenue increase to $36.2 million while Caesars reported a 27% growth to $28.3 million.
Hard Rock Hotel & Casino also enjoyed a favorable rise. Its revenue rose by almost 15% to $26.1 million. Borgata and Harrah’s reported a 12.5% and 1.5% increase, respectively. The only three casinos in Atlantic City to suffer a decline in November were Tropicana, Resorts Casino Hotel, and Bally’s.
The positive trends also extended to the online gambling industry in the Garden State, which saw an 82% jump in winnings compared to the previous year, to $14.1 million. It is yet early for a full yearly recap but the New Jersey casinos have generated revenue of $3.02 billion during the first eleven months of 2019, a 15.7% jump from the same timeframe in 2018.
