Run-up to the Super Bowl boosts New Jersey gambling revenue

ATLANTIC CITY, N.J. — During the run-up to the Super Bowl, gambling on the NFL playoffs gave New Jersey gambling revenue a big boost. Robust internet gambling, along with a very good month for Atlantic City’s brick-and-mortar casinos increased the Garden State’s gambling revenue by more than 30% in January.

 

The Numbers are In for December

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Numbers released last week by the New Jersey Division of Gaming Enforcement show New Jersey’s industry had a handle of more than $300 million last month. That’s up 31% from January 2019. At that time, sports betting was not as well developed as it is currently in the Garden State. As time goes on, the revenue from legalized gambling in the state continues to climb.

 

Players bet more than $540 million on sports during January, mostly on basketball and football. That enthusiasm led to the third-highest month since New Jersey legalized sports betting in June 2018. January’s wagers generated $53.5 million in revenue for the state’s racetracks and casinos that offer sports betting. That’s a hefty increase of more than 185% from last year’s numbers.

 

Internet gambling continues to steadily increase in the Garden State. New Jersey’s casinos won more than $55 million from online wagers in January. That’s an increase of 64% from last year. The future of online gambling in the Garden State looks very bright.

 

Atlantic City Casinos See Modest Increases

 

Finally, while business was solid at the brick-and-mortar casinos in Atlantic City, it wasn’t spectacular. Revenue at these establishments was up by a modest 8.3% to more than $192 million.

 

“Atlantic City continued its strong move forward, with good results in January,” noted James Plousis, chairman of the New Jersey Casino Control Commission. “Sports and internet wagers performed especially well. Those two bolstered the industry’s overall performance in the midst of a traditional off-season.”

 

While modest, the numbers were heartening for a resort town that slows down quite a bit during the winter months. Additionally, the long sought after revenue from internet and sports betting, which doesn’t rely on gamblers making a trip to Atlantic City. However, the warm, summer weather could very well give the resort casinos in Atlantic City a big surge in income.

 

When adding in revenue from internet and sports betting, six of the nine Atlantic City casinos reported an increase in revenue over January 2019 levels. The revenue leader was Hard Rock, which was up by 41% to $24.2 million. The Ocean Casino Resort came is second, with a 39.2% increase to $19.7 million. The Golden Nugget’s revenue was up by 37.2% to $36.7 million, and the Borgata was up by 22.3% to $68.2 million. Harrah’s, was up by a modest 9.9% to $23.6 million, and coming in last, the Tropicana was up by only 1.5% to $24.9 million.

 

Among the Atlantic City casino losers were Caesars, which was down by less than 1% to a little more than $17 million, Resorts down 3.1% to $12.4 million, and dead last was Bally’s, down by a hefty 9.9% to just $11.3 million.

 

Ocean’s CEO, Terry Glebocki, said January was the seventh month in a row that the Ocean casino reported double-digit revenue growth. “We are very pleased with our slot revenues, which grew by 87% over last January,” Glebocki noted.

 

Almost half the sports gambling revenue came from the Meadowlands Racetrack in East Rutherford. This sports betting location is just outside New York City, and FanDuel operates the sportsbook. Undoubtedly, this sportsbook had quite a few visitors from the Big Apple. Meadowlands raked in $26.4 million in sports betting revenue.

 

Coming in second was the DraftKings sportsbook at the Resorts casino. That operation posted almost $16 million in sports betting revenue. Coming in third was Monmouth Park Racetrack in Oceanport, which made $3.6 million in sports gambling revenue.

 

Overall, the future gambling revenue in New Jersey continues to look very strong.

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