New Jersey sports betting market sets monthly record again
ATLANTIC CITY, N.J. — New Jersey’s fast-growing sports betting market continued to set monthly records in November as bettors placed more than a half-billion dollars’ worth of wagers on sports.
The extra money also helped Atlantic City’s casino industry, which saw its annual winnings surpass the $3 billion mark for the first time since 2012, when there were 12 casinos and a wave of closings and job losses had not yet hit. The city now has nine casinos.
Gamblers plunked down nearly $563 million on sports in November as the pro and college football seasons continued and basketball and hockey played full monthly schedules. The November total eclipsed the previous record of
$487 million in bets, which was set in October.
The casinos won more than $288 million in November, an increase of 16.5 percent from November 2018. When sports betting money from the Meadowlands and
NEW JERSEY
Monmouth Park racetracks is included, the gambling industry’s total in New Jersey rose to nearly $306 million in November, up nearly 19 percent from a year earlier.
“The month is a significant benchmark for Atlantic City’s casino industry,” said Rummy Pandit, director of the Lloyd D. Levenson Institute at Stockton University, which studies the gambling industry.
Six of the casinos reported increases in their monthly gambling revenue. The Ocean Casino Resort won $22.6 million, up over 48 percent from a year earlier.
Terry Glebocki, Ocean’s CEO, said
the casino saw a 66 percent increase in its table games and slots revenue in November, which she called an encouraging sign that its business volume is increasing. She credited new marketing offers with helping drive higher activity.
The Golden Nugget was up 41 percent to $36.2 million; Caesars was up 27 percent to $28.3 million; Hard Rock was up nearly 15 percent to $26.1 million; Borgata was up 12.5 percent to $69.3 million; and Harrah’s was up 1.5 percent to $25.5 million.
Resorts was down 16 percent to $13.9 million; Tropicana was down 4.8 percent to $27.5 million; and Bally’s was down 2.9 percent to $14.1 million.
Internet gambling continued on a
tear in New Jersey, with online winnings up more than 82 percent from a year ago, to $49.1 million.
For the first 11 months of this year, the casinos have won $3.02 billion, up 15.7 percent from the same period last year.
“It is gratifying to see another month of growth in Atlantic City,” said James Plousis, chairman of the New Jersey Casino Control Commission. “All areas of the business, including slots, table games, internet wagering, and sports wagering, outperformed last year.”
The casinos and tracks paid $4 million in sports betting taxes in November on nearly $33 million million in revenue. This year, they have paid $32.7 million on nearly $270 million in revenue.