Casino Revenue in New Jersey Surges in 2019
New Jersey is having a solid start to 2019. Reports are coming out that casino revenue in New Jersey is skyrocketing. If the trend continues for the rest of the year, earning records are set to be smashed.
It’s an extremely exciting time for the gambling industry here. With both casino gaming and sports betting legal throughout the state, New Jersey is earning millions of dollars in revenue every single month.
History of Gambling Laws Inside New Jersey
New Jersey has implemented some of the most lenient gambling laws in the United States. Lawmakers legalized casino gambling here in 1976, and within a decade there were multiple gambling establishments operating, most of which were located in Atlantic City. The “Vegas of the East Coast” helped earn the state huge amounts of revenue from their gambling activities.
Atlantic City has experienced ups and downs over the past few decades.
In 2014, New Jersey challenged PASPA in the Supreme Court. These laws had essentially banned sports betting throughout all the United States. In 2018, New Jersey famously won the case, opening the doors for sports betting laws to be decided on a state-by-state level. Jersey quickly began allowing sports betting to take place inside their casinos.
Online gambling became legal throughout this state in 2013. New Jersey is one of only a handful of states to currently regulate their online gaming activities.
The openness to different gambling operations here is clearly paying off. Casino revenue in New Jersey is at an all-time high. The question is, how long will the surge last?
January Brings Massive Surge for Casino Revenue in New Jersey
2018 was a very successful year for New Jersey’s gambling operations. The industry here grew by 22%, with a 50% overall growth since 2016. In January of 2019, these number increased once again.
Reports indicate that casino revenue this January (both online and on land) has increased by 53% from the year before. The gambling companies here have generated more than $33 million already this year, beating the previous record set last December by $4.6 million. It’s a staggering increase that points to a bright future for the industry.
Online gambling analyst Steve Ruddock gave his opinion on why this revenue increase is occurring by stating:
“Two new casinos opened in 2018 with online gaming, Atlantic City’s revitalization efforts continue to pay off, the popularity of live-dealer games that have added to an already robust portfolio of online casino games, and the legalization and launch of New Jersey sports betting.”
Super Bowl Betting Slightly Disappoints in February
January was the strongest month ever for casino revenue in New Jersey. Super Bowl betting was strong that month, with over $305 million bets on the game made online. Projections for Super Bowl betting in February ended up being a little bit off.
Super Bowl wagers only made up $35 million in February. Ultimately, these bets ended up costing sportsbooks here $4.5 million. March Madness next month is likely to bring in hundreds of millions in additional revenue.
There’s no doubt that casino revenue in New Jersey is stronger than ever. A number of nearby states have recently begun following suit by offering sports betting and expanding their casino operations.
Jersey’s trend of success is likely to continue. It may not be long before every state in the country begins offering the same gaming options in order to compete.
Do you think the gambling revenue in New Jersey will continue to increase for the rest of the year? Will other states begin allowing online gambling soon as well? Make sure to tell us what you think in the comment section below!
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