The gambling hub extended its streak of casino revenue gains to 20 months in January, according to figures released Wednesday by New Jersey’s Division of Gaming Enforcement. Total gambling revenue at Atlantic City’s nine casinos was $270.5 million last month, a 22.6% or nearly $50 million rise from January 2019.
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Last year marked the first time that New Jersey allowed betting on the Academy Awards, and the level of activity was almost twice as great then. In 2019, New Jersey sports books took in $747,696
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In January, the real news was the eye-popping gross revenue figure of $53.6 million, easily a new record for the burgeoning industry. That came on handle of $540.1 mm, meaning that the sportsbooks landed a rate of return of nearly 10%. Compare that to just one month earlier, when a slightly larger handle — $557.8 mm — produced only about half the revenue, $29.4 mm.
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NJ bettors should remain calm. For one, Penn National does not operate an Atlantic City casino. Secondly, Freehold still needs to be approved to offer NJ sports betting. If and when they get a license, the Barstool brand would have its entry point. Since Freehold has already missed out on two seasons of NFL betting, big-name recognition is needed to attract customers.
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The Bronx Bombers are once again the odds-on favorites to take home the 2020 World Series title. Following an offseason where they stepped up to the plate by signing prize free-agent pitcher Gerrit Cole to a massive $324 million contract, the returning crew of power hitters, including Aaron Judge, Giancarlo Stanton, and DJ LeMahieu are likely to lead the team into a playoff push.
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NJ gaming officials: House loses $4.2M during Super Bowl sports betting
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Legions of sports fans and gamblers staked a spot in the sportsbooks Sunday, a sign of the boon that legalized sports betting has been for gambling houses in Atlantic City since it became legal two years ago. Some of those wagering on the Super Bowl put down serious money.
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Five years after a Philadelphia developer bought an Atlantic City shopping and entertainment pier from Caesars Entertainment, he's selling it back to them so he can concentrate on his plan to return gambling to the former Showboat casino.
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New Jersey legislators are considering a bill that would allow sportsbooks in the state to offer esports betting on gaming competitions with relatively few restrictions.
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Speaking after an employee meeting Thursday where Hard Rock handed out bonuses totaling $2 million to nearly 2,900 full-time employees, Jim Allen said the company is willing to be part of the solution in Atlantic City, but is not encouraged by recent developments.
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New Jersey’s sportsbooks and online casinos performed in December in much the same way they spent the rest of 2019: With new records and more growth. With a strong closing month, which included a near-record monthly sports betting handle, retail and online sportsbooks combined with online casinos and poker to generate nearly $800 million in revenue in 2019
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New Jersey has seen a surge in sports bets since the state convinced the U.S. Supreme Court to overturn a ban on such wagers last year. More than $4 billion in bets were placed there in 2019. But rather than going to casinos or racetracks, gamblers are making more than 80% of their bets online, often using smartphones near train stations just outside New York City. They’ve made the state the early leader.
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