Growth Trends of New Jersey Live Casinos
In May this year, New Jersey overtook Nevada to be crowned as the top-ranked state in terms of sports betting per month for the first time. Nevada had $317.3 million in handle and $11.6 million in revenue as opposed to New Jersey’s $318.9 million in handle and $15.5 million in revenue.
New Jersey has seen growth trends in many different casino related aspects this year, and the upward trend shows no signs of slowing down. For example, in May alone, the casino vertical generated a revenue of $36.5 million, while Poker accounted for $1.7 million, and Sports betting added another $13.7 million on top.
The New Jersey Division of Gaming Enforcement’s report shows that the total online gambling revenue in May was $38.3 million and including sports, it went up to a staggering $52 million. However, the revenue was short by about $10 million compared to the astonishing amount generated in March.
The year on year New Jersey Gaming Revenue Growth tracker shows that New Jersey is having its best year yet, with the spikes 10% higher than the next highest ones seen four years ago in November 2015. A closer look at the year on year changes shows that while Online Poker fell by 5.30%, Online Casino increased by 64.25% along with a 58.93% increase in the total revenue. The yearly comparison also shows that the New Jersey online gaming industry has yet to experience a year-over-year decline in any month.
There are many other details to be observed as well. SCOTUS unanimously deemed the Professional and Amateur Sports Protection Act (PASPA) unconstitutional. This historic decision ended Las Vegas’ monopoly on US-based sportsbook in May 2018. Since then, online casinos have seen many changing patterns.
Surprisingly, or not, over 80% of all sports bets in New Jersey were made online. While the Garden State’s sportsbooks opened in June 2018 itself, mobile wagering did not launch until last August. But despite entering the market much later, mobile wagering apps control 83% of the sports betting market in New Jersey.
In the 12 months since online gambling has been legalized, for all intents and purposes, New Jersey’s business landscape has transformed in more ways than one. Sports betting and live casinos have breathed new life into Atlantic City too. The city’s annual casino revenue rose to $2.86 billion in 2018, representing a 7.5% increase over 2017.
Operators in NJ have also come to realise that customers want a seamless transition between online gambling and sports betting. This has led to many operators launching integrated online gambling and sports betting operations where users can switch from one to the other within a single account. Consequently, this cross-selling opportunity has helped in growing both venues.
Finally, NJ has shown phenomenal success in the online gambling sector. Its growth has forced other states interested in online gambling to rethink mobile. NJ remains in the spotlight heading into its second year of online gambling and appears that the only way it’ll go is up.
SummaryName: Growth Trends of New Jersey Live Casinos
Author: Ashley Spring
Published Date: 12/06/2019