Retail

NJ Online Gaming Revenue Set To Grow 66 Pct This Year

sports wagering

With blackjack and roulette on mobile phones, the growing market for online sports wagering in New Jersey has introduced gamblers to virtual casino games. Atlantic City casinos, as well as their online partners, have brought in $433 million from virtual games through November this year and could arrive at as much as $460 million by 2019’s close, which would mark a 66 percent rise from the prior year, The Wall Street Journal reported.

Online casinos’ monthly revenue more than doubled in the 15 months following the rollout of sports betting in June of last year. That is said to be a sign that the open-armed tack of the state to regulating as well as legalization different types of gambling has spurred widespread growth per an iDevelopment & Economic Association report.

The revenues of online casinos would have only grown roughly 20 percent in 2019 without sports betting’s presence, per Eilers & Krejcik Gaming Industry Analyst and Partner Chris Grove. Approximately 20 brands of online casinos are vying on a reportedly small field.

“The market was set up to be incredibly competitive,” Grove said, according to the report, “and that competition is successfully producing a product that’s engaging consumers.”

Borgata Hotel Casino and Spa and Golden Nugget LLC in addition to the digital arms of Caesars Entertainment Corp., as well as Resorts Casino Hotel, are among the casinos in the state experiencing the largest rise in online casino revenue.

In separate news, reports surfaced in September that mobile sports betting is quickly growing to a point where New Jersey is close to topping Las Vegas as the biggest market in the nation. The Supreme Court ruled that states can establish their own betting system, but not across state lines.

Geofencing makes sure that mobile apps stay within each state. Sports betting is legal in 12 states in some capacity. Mobile betting, however, is only allowed in five: New Jersey, West Virginia, Iowa, Pennsylvania and Nevada per earlier reports.

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