NJ casino revenue grows 13 percent in first year of online sports betting
Patrons wagered over $293 million in New Jersey’s sportsbooks in August, helping mark a 13 percent increase in casino profits compared to August 2018 when the state first rolled out mobile and online sports betting.
Data released Thursday by the state’s Division of Gaming Enforcement showed that the nine casinos brought home $338.8 million last month.
Only Harrah’s Resort Atlantic City saw its profits sink year over year – $30.6 million in 2018 compared to $30.3 million this year. Meanwhile, Harrah’s total 2019 revenue was $210.7 million by the end of last month compared to $232.7 million by the end of August 2018, according to DGE data.
Patrons have bet nearly $4 billion in the state’s sportsbooks, most of it via online and mobile betting apps.
Gaming regulators and industry officials are gearing up for a bonanza with the state’s sports betting pools in light of the 2019 National Football League season. Upwards of 38 million people are expected to wager on the NFL nationwide, according to a recent study by the American Gaming Association.
“With a more mature industry ready as football gets into full swing, the next few months could show dramatic gains, too,” PlayNJ.com online gambling analyst Eric Ramsey said Thursday.
Patrons bet $138.5 million at New Jersey’s sportsbooks as of the end of August, according to the DGE.
“There is a great deal of customer interest in Atlantic City’s offerings and operators have made strides adjusting in a competitive environment,” Casino Control Commission Chairman James Plousis said in a Thursday statement.
Originally written by Daniel J. Munoz for NJBiz.com