Posted: December 14, 2020 02:51h.
Last updated: December 14, 2020 03:50h.
New Jersey oddsmakers accepted a record $931.6 million in bets in November. It’s his fourth straight month that Garden State broke the sports betting processing record.
That’s good news. There are many bad things.
Brick-and-mortar gross gaming revenue (GGR) fell 35% to $146.5 million across nine Atlantic City casinos. That’s a reduction of over $77.3 million he has since November 2019.
Combining KRW 91.8 million from online casino business and $22.5 million from sports betting, the nine casinos reported a GGR of around $260.8 million in November. Atlantic City’s gaming industry experienced a 10% year-over-year decline in total GGR in November.
Jane Boknewitz, Coordinator, Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism, Stockton University, said: Atlantic City Press.
“Following the start of the “second wave” of COVID-19, New Jersey Executive Order 194, effective November 12, requires indoor dining options to be closed from 10pm to 5am. had. ” added Boknewitz.
Oddsmaker Thanksgiving in November
16 states and DC joined Nevada. A historic 2018 Supreme Court ruling voided the Silver State’s longstanding sports betting monopoly. And the expansion of legal sports betting has only benefited the state of Nevada – in November he reported the highest ever sports betting month with $659 million in bets. Did – New Jersey emerged as the market leader.
New Jersey Governor Phil Murphy (Democrat) celebrated the news.
BIG NEWS: Our sports betting industry has once again set monthly records. As the nation’s sports betting capital, New Jersey is about to break the $1 billion monthly mark, creating jobs and strengthening the economy,” Murphy tweeted.
Of the $931.6 million wagered, $872 million was wagered online. Garden State oddsmaker benefits from neighboring New York state’s refusal to allow his four upstate commercial casinos, which operate sportsbooks, to promote his mobile bets . As a result, many New Yorkers living in the southern part of the state, including New York City, venture to New Jersey to place bets on their smartphones and mobile devices.
AC struggle
Internet games are not very profitable for Atlantic City casinos. Not only are taxes high (15% compared to 8% for gaming floors), but online gamblers have zero associated income (food and beverages, hotel stays, entertainment).
Hard Rock was the only brick-and-mortar casino to post a year-over-year profit in November, with GGR for Boardwalk properties up 19% to $28 million. Others were not so lucky.
Casino — Decrease in GGR
- Borgata — 38%
- Caesars — 56.1%
- Golden Nuggets — 49%
- Harrah’s — 50.7%
- Sea — 1.3%
- Resorts — 35.8%
- Tropicana — 41.7%
*No year-on-year comparison as Barry transferred ownership in November
Atlantic City casino third-quarter earnings totaled $150.5 million, down 37% from the third quarter of 2019. Due to COVID-19, Atlantic City’s gaming industry employs more than 4,700 of his employees (as of the end of September).