New Jersey Sportsbook Managed to Show Positive Sales Trend in June

Article by : Helen Jul 22, 2020

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Despite the 9 largest gaming operators’ closure, the annual income from sports betting showed a significant increase. Although the gambling market, in general, has been in decline, sports betting has become a lifeline for many online operators.

Compared to the same period last year, income from betting showed an increase of 30.3%. Total revenue was $12.6 million.

At the same time, the previous month also turned out to be very profitable for online casinos. It showed an income of $9.9 million.

Nevertheless, if we compare income statistics with the previous year, the total sales of sportsbooks in the state reached $165 million. Thus, the total volume of rates this year decreased by 27% compared to $226.7 million as of June last year. Obviously, the main reason for the decline in market size was the coronavirus epidemic. This factor has had a very negative impact on the economic performance of most businesses in New Jersey. According to preliminary estimates, the overall rate of sportsbook use fell by 40% year on year.

However, there is some good news. The betting market showed an increase of 40.1% compared to May 2020. Recall that the bulk of the players were still actively placing bets on the forthcoming National Basketball Association and Major League Baseball Baseball fixtures in May. An equally dynamic category, which also posted a substantial profit share of $34.7 million, was the eSports market.

In many respects, this became possible since tournaments in this area did not cease to exist and were periodically organized in different parts of the world. Accordingly, customers could place bets while the bulk of the sports championships were suspended.

Overall, internet gaming win was up 123.1% year on year. Despite a 1.2% decrease in this indicator in May, total revenue for June 2020 reached $84.9 million. At the same time, the most significant operator in the state of New Jersey – the Golden Nugget was able to take the leading position and showed revenue of $29.1 million. The next top indicator was the Borgata platform, which managed to earn up to $16.9 million in a year.

Obviously, due to the closure of Atlantic City casinos, total gaming revenue in June fell by a record 67.3% to $90.9 million. It is incredible, but in June 2019, casino revenues amounted to $236 million. Meanwhile, starting from July 2, the bulk of city casinos re-opened their doors. If the further situation is favorable, then perhaps the revenue figures for gaming operators will look more optimistic by the end of 2020.

The first casino in New Jersey was opened in 1978. It was Resorts International Casino in Atlantic City. It still operates and is one of the largest establishments. It is decorated in the theme of the “roaring twenties” and contains 942 hotel rooms. The area of ​​gambling halls is 9300 square meters.

New Jersey was constantly competing with Nevada. The 70s and 80s were fruitful for the state, and it was even able to succeed in this kind of race. The thing is, that Nevada was a very criminal state, with a high crime rate at the time. On the other hand, New Jersey was much safer. As a result, lots of the players went to Atlantic City.

Straight after other states legalized gambling and casinos, New Jersey’s popularity declined somewhat. However, the state continues to grow the gambling business. Meanwhile, Atlantic City plans to build several more casinos to attract more tourists.