New Jersey sports betting handles surpass $1 billion for 6th straight month.Number of face-to-face casinos below pre-pandemic

New Jersey’s sports betting market surpassed $1 billion in transaction volume for the sixth time in March. but, Seven of the state’s nine casinos continue to lag behind in-person gambling earnings levels, in contrast to pre-pandemic times.

of New Jersey Bureau of Game Enforcement Reported state casinos and three racetracks. Sports bets processed in March processed $1.12 billion worth of stakespromoted by the March Madness College Basketball Tournament.

However, of the total Only $66.4 million was retained in sports betting earnings By casinos and trucks after paying winning bets, third party partners and other costs.

Casinos and trucks generated $423.6 million in gambling and sports betting revenue last month, up nearly 18% year-on-year. However, in March 2021, Atlantic City casinos remained open under state-imposed pandemic-related restrictions. In 2020, the facility closed completely in March as the pandemic surged.

this is the reason Casino executives say 2019 is an accurate comparison to really measure those results. including sports betting and internet gambling, In contrast to $273.7 million in 2019.

A casino executive also pointed out: Sports betting and internet money do not allow casinos to keep much after partners and expenses are paid. that’s why A key comparison has to be made with respect to face-to-face gambling revenues of $216.6 million in March 2022 versus $223.1 million in March 2019.

only 2 casinos hard rock and seathat Better than pre-pandemic.Hard Rock earned $39.3 million The percentage of face-to-face gamblers in March increased by 60% from 2019. Ocean Earns $25.4 Milliona 67% increase over the same period three years ago.

As reported by Associated Press, Hard Rock President Joe Lupo “The Atlantic City market is down 3% compared to 2019, with 7 of the 9 properties down 17% overall, with only Hard Rock and Ocean showing gains. While we’re struggling to recover from trading volumes, we remain very encouraged ahead of a great summer in Atlantic City.”

Jane Boknewitz, Director of the Lloyd Levenson Institute, Stockton Universitystudied the Atlantic City gambling market, Pointed out the dichotomy between gambling gross revenues, which are increasing with the help of the internet and sports betting, and direct casino winnings, which are generally not: “With such a strong start to the year, we have every reason to hope that 2022 will set a new short-term record for total annual gaming revenue. We may still be struggling to step into the previous 2019.”

Atlantic City casinos earned nearly $1.1 billion in gross revenue in the first three months of the yearbut only $612 million of that came from direct gamblers. New Jersey’s internet gambling market grew nearly 24% year-over-year to $140.6 million in March.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *