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Online Gambling in New Jersey on the Rise
- November 16, 2016 By Oliver Young -
The citizens of New Jersey rejected the proposal according to which casinos were going to be built in North Jersey. Under the current regulations casinos are allowed only in Atlantic City. Some were claiming that the proposal was going to be good for the economy of the state, and now it is clear that Atlantic City is going to benefit from keeping it monopoly.
Atlantic City’s casino industry faced serious problems in the last period, as the revenues this year are below last year’s figures. However, online gambling revenues have been growing. Compared to last year, people wagered 30% more online.
Total Gambling Revenues Down by 1%
The decline in traditional gambling in the closing of few casinos in one of the largest gambling destinations in the US. The latest case was the closure of Tramp Taj Mahal. The closure of the casino formerly owned by now President-Elect Donald Trump has been announced on several occasions and it was finally terminated on October 10 this year.
October casino revenues in Atlantic City are 1% lower compared to the same period last year. But even though the overall revenues are lower, most operators saw a rise in revenues, as there are fewer casinos. The overall situation isn’t as bad as it was expected and most probably there won’t be further closures of casinos. Operators are planning on proposing a set of measures that will enable Atlantic City to reinvent itself as one of the leading gambling destinations in the US.
The chairman of the Casino Control Commission, the body in charge of regulating gambling in New Jersey, stated that most operators that are still active recorded an increase in terms of revenues, adding that he expects them to keep focusing on improving their operators.
Golden Nugget registered the largest increase in terms of revenues. Namely, the casino’s revenue was $20.6 million, which a 16.7% increase. Tropicana also scored a significant increase and its revenue was up 13.5% and it amounted a total of $27.9 million. On the other hand, Resorts saw a decrease of 3.5%, whereas Bally’s gained 2.9% less. The gross amounts for both casinos were $14.2 and $16.5 million respectively.
Bogarta – Most Successful Casino in NJ
Things look way better for the state’s online gambling sector. In October, the casino operators gained $16.7 million from online gamblers. That is an increase of 30% compared to the same period last year, when the revenues were a mere $12.9 million. Online poker revenue accounted to $2.4 million, or a quarter more than last year.
Online casino revenues for the first 10 months of 2016 are already higher than the total figures for 2015. The total revenues for 2015 were $149 million, while the revenues for the first 10 months of 2015 are $161.2 million.
The total gaming win in October was $2.2 billion. Bogarta is the most successful casino in New Jersey and it earned $650 million in October, and almost $40 million came from online gambling.
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