The gambling companies in New Jersey broke the $ 3 billion profit threshold for the first time in seven years last year.
According to statistics released by the state department this week, gambling institutions generated more than $ 3.4 billion in 2019.
The nine state casinos and two independent sports books on race tracks generated $ 287.3 million in December, an incredible 11 percent increase from December 2018. The figures for the last month of the year pushed gross game revenues from New Jersey to $ 3,469 billion for 2019.
The nine casinos in the state generated $ 3.29 billion in gross revenue, extending the success of monthly casino revenue growth to 19 months, following a November in which casinos $ 306 million earned. Hard Rock earned just over $ 350 million in 2019, while Ocean Resort Casino raised another $ 238 million.
Legal sports betting and online gambling have contributed significantly to the success of the state. Online platforms generated $ 49.1 million in November alone, an increase of 82 percent over 2018. As a result, the state's gross gaming revenue increased by 18.9 percent after $ 257.4 million in November 2018. It was slightly higher than sales of $ 293.9 million in October.
By the end of 2019, 83.7% of New Jersey sports betting took place online. This channel was also the largest source of income for sports books. Of their $ 299.4 million revenue in 2019, $ 244.5 million was earned through the internet.
But it's not all good news for casinos, because more than half of the casinos in Atlantic City saw sales fall in 2019. Tropicana, Bally & Caesars, Harrah & # 39; s and Resorts Casino all saw their profits fall. The 8.2 percent drop in Tropicana was the largest of the bunch.
Now that online gambling has been legalized in Pennsylvania, it is interesting to see how this affects New Jersey profits, as customers no longer have to cross the state line to place a bet.
New Jersey authorized sports betting after winning the Supreme Court case last May. Along with Atlantic City's casinos, Meadowlands and the Monmouth Park racing circuit have both received state approval to include sports books in the facilities.
New York has also taken steps to ease its attitude towards sports betting with four commercial casinos that start taking in sports waters. However, Governor Andrew Cuomo remains steadfast about the ban on mobile gambling games.