Internet Gambling And Sports Betting Help New Jersey Revenue Streak Reach 17 MonthsState's Nine Casinos Win $293.9 Million In October |
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With a 17th consecutive month of year-over-year revenue increases, New Jersey casinos are on pace to surpass $3 billion in gross gaming revenue for the first time since 2012.
According to numbers released by the New Jersey Department of Gaming Enforcement, the state’s nine casinos generated $293.9 million in October. The number reflects a 22.9 percent increase from October 2018.
Revenue from table games and slot machines made up $202.3 million of the total, which was just a 0.8 percent increase, but internet gaming revenue and sports betting picked up the slack.
Operators took in $45.2 million in online gambling revenue, which was a 69 percent increase from the prior month. New Jersey sportsbooks accepted $487.9 million in wagers, which broke September’s record-setting handle of $445.6 million. The total handle translated to $46.4 million in revenue, a 297 percent increase year-over-year.
Online wagering made up 85 percent of the sports bets placed in the Garden State, continuing to prove how important mobile and online betting is to the health of a sports betting market. Indiana nearly tripled its sports betting handle in its second month with the introduction of mobile betting.
Steve Callender, president of the Casino Association of New Jersey and senior vice president of operations for the East Region of Eldorado Resorts, told The Press of Atlantic City that New Jersey’s sports betting market is primed for continued growth.
“New Jersey sportsbooks have surpassed Nevada’s in recent months, and it continues to show significant promise for the gaming industry,” said Callender. “We are optimistic as we approach the end of this year that we will finish 2019 out in a strong position.”
Through the first 10 months of the year, total gaming revenue for the state is already $2.875 billion. Hitting the $3 billion mark is all but a certainty at this point. The total sports betting handle for the year is already more than $3.5 billion, which has turned into $237 million in revenue.
For the seven casinos that were already in business before the opening of Hard Rock Atlantic City and Ocean Casino Resort, 2019 hasn’t been as good as numbers indicate. Those seven casinos have actually experienced a drop in casino revenue this year.
The decline in revenue for some casinos is why Tilman Fertitta, owner of the Golden Nugget, foresees a contraction in the New Jersey gambling market in the near future.
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