New Jersey is now home to one of the largest and most successful gambling industries in the United States. The casinos and sports betting platforms continue to bring the state much-needed money. Recent reports claim New Jersey’s gambling revenue surged once again during the month of October.
It’s fantastic news for the gambling companies operating here. Now is the perfect time to look at how much this industry brought in last month. We’ll also discuss how things will look in the future here.
Let’s get into it!
More Casino Regulations Could Be Coming to New Jersey
This past March, all of the casinos in Atlantic City shut down to the public. This city wasn’t unique in that regard. Casinos around the entire country were forced to shut down that month. It was an unprecedented situation for the US casino industry.
Each state took its own approach to reopen casinos. Nevada worked hard to get its casinos up and running again in June. New Jersey waited a little longer. It wasn’t until late July that the casinos here were able to open to the public again.
For a time, it seemed that these reopenings were going extremely smoothly. Unfortunately, health experts are now recommending new regulations be set in place. A number of states have recently forced their gambling venues to shut down for certain hours or even days to protect the public.
Some feel that new casino regulations could soon be announced in New Jersey. Governor Phil Murphy has been warning that additional safety measures are likely to be announced soon. Experts hope this doesn’t result in an entire casino shutdown like the one experienced back in March.
Fortunately, things appear to be going well for the state’s gambling industry right now.
Here’s a Look at New Jersey’s Gambling Revenue for October
All major gambling destinations have faced difficulties this year. Some are managing to fare better than others. Thanks to a passionate sports betting market, New Jersey has been seeing large revenue figures over the past few months.
This week, new reports surfaced that show much money the state’s different gambling platforms managed to bring in. Once again, there seems to be good news. The state’s online and land-based sportsbooks saw $803.1 million in bets during the month of October. It’s the largest handle yet recorded in the US.
Sportsbooks managed to win many of these wagers. New Jersey’s gambling revenue from sports betting came out to $58.5 million in October. That’s an increase of 26.1% when compared to the same month in 2019.
The state’s casino industry is proving to be hugely profitable, as well. Online and land-based casinos here brought in $93.5 million last month. This represents an astounding 106.7% increase from October of last year.
Lawmakers in New Jersey clearly see the benefits of this industry. Unlike many other states, both online sports betting and casino gambling is regulated here. These massive revenue figures are certainly piquing the interest of other state leaders.
Things are going well, yet some fear the casino shutdowns could halt some of the progress. We’ll continue offering updates over the next few months!
Asia’s Gambling Industry Has Been Slower to Recover
It’s been very interesting to see the US gambling industry evolve this year. Casino companies here have been forced to change their ways with so many new regulations set in place. It’s clear that the gambling industry in the US is performing much better than in other countries.
Analysts have been very curious to see what’s happening over in Macau. This small territory is one of the largest gaming destinations on the planet. 2020 has proven to be the worst year for this city’s casinos in history.
Monthly revenue figures have been down by 90% when compared to 2019. For a time, an intense travel restriction between Mainland China and Macau was set in place. This has been removed, yet tourism rates into Macau are still extremely low.
October proved to be a tough month for the casinos here. Overall, casino revenue dropped by 72.5%. The situation here seems to be improving, though. Gross gaming revenue rose by 228.8% month-on-month.
Many believe that November will prove to be an even better month. More high-rollers from Mainland China are now making the trip to Macau. Some officials here are now even considering legalizing and regulating online casino gambling.
Are you surprised to see New Jersey’s gambling revenue increase once again? Do you think casinos here will be forced to shut down? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
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