The gambling industry in New Jersey is on its way to recovery from the COVID-19 impact after handling more than $748 million in sports bets in September. Online gaming activities in the state have also increased making September the 6th month in a row with double profits.
A New Sports Betting Handling Record in New Jersey
Sports betting at casinos and racetracks in Atlantic City hit a new record handling over $748 million in bets in September. Last month, the Garden State has set a monthly record of $668 million wagered on sports in August. But the according to the numbers revealed by the New Jersey Division of Gaming Enforcement earlier this week, September’s record significantly surpassed the one set in August. Looking at the sports betting revenue, we see that by now, New Jersey casinos and race tracks have raised $3,3 billion in revenue.
Furthermore, comparing year-on-year results, the gambling industry in New Jersey won $323.2 million in September, which marks a 6.5% increase. With that in mind, we cannot miss saying that the casinos have achieved this result, despite the occupancy cap of 25% and additional health and safety guidelines introduced due to the COVID-19 pandemic.
Focusing on online gambling revenue, we observe another significant increase when comparing year-on-year results. Last year September, there was $41.1 million raised in online gambling revenue. This year’s revenue has reached $87.6 million, which marks a significant increase of 113%.
A similar positive result is observed if the revenue for the first 9 months of 2020 is compared to last year. In 2019, for the first 9 months, some $339 million was raised in online gambling revenue. In contrast, this year, online gambling generated $685.6 million, which is an increase of 102.2%.
Promising Results despite the COVID-19 Restrictions
Commenting on the subject, James Plousis, Casino Control Commission Chairman said that September is the 6th month in a row when profits from online gaming have more than doubled when comparing results to last year. While acknowledging the negative impact of COVID-19 on traveling, amenities, and entertainment, he deemed the results as “promising”. In conclusion, Plousis outlined that the casino winnings were aided by the reopening of the restaurants and the resumption of food and beverage services on September 4.
“Casino gaming taxes grew more than 16% compared to last September, providing needed funds for programs that aid New Jersey’s senior citizens and disabled residents.”James Plousis, Casino Control Commission Chairman
But how much did the operators win in September? The largest gambling revenue increase was set by the Ocean Casino Resort which won $29.5 million in September. This marked a year-on-year increase of approximately 22%. On the other hand, the Golden Nugget won $37.5 million, which marked a revenue increase of 16.3%, while Hard Rock marked a 12.5% increase in winnings by reaching $35.8 million in September.
In contrast with the above results, Harrah’s won $19.5 million, which marked a 26.6% revenue decrease for September. Bally’s won $12.9 million in September which is down by 15.6% when compared to last year. Tropicana won $26.1 million in September which marked a revenue decline of 10%, while the Resorts Hotel Casino won $13.9 million, down by 7.5%. In September, the Borgata won $64 million, which marked a 2.8% revenue decline and Caesars won $18.9 million in revenue, down by 1.8% when compared to last year.