Sports Betting Race in Atlantic City Casinos
The U.S. online sports betting market is currently undergoing fast-paced growth and companies worldwide are racing to dominate.
Former Scientific Games CEO Gavin Isaacs explained that certain brands have immense power in this industry. Although some have been slow to the start, he explains that once they develop their strategies, the execution will prove to be extremely powerful.
A slow start but a fast climb for sports betting in the Garden State
Casino giants Caesars Atlantic City and MGM casino have both had a slow start in the Garden State, however, expectations are high for Atlantic City casinos. The NJ sports betting market, currently led by DFS companies – PPB’s FanDuel and Kambi-powered DraftKings, is on the rise.
Atlantic City casinos make serious headway at the start of 2019
New Jersey’s Division of Gaming Enforcement stated that the nine Atlantic City casinos have shown an increase in revenue of around 20 percent within the first month of 2019. In January alone, the collected revenue from Atlantic City casinos reached $220.6 million. These figures represent a 19.7 percent growth compared to January of 2018, where Atlantic City casinos totaled $184.3 million in total revenue. After eight straight months of revenue growth, and seven months in a row of percentage increases in the double digits, Atlantic City casinos are watching their confidence rise along with their gaming revenue.
Contributions to a bigger and better year for Atlantic City casinos
There are many contributing factors as to why Atlantic City casinos have had such large revenue gain in just the first month of 2019, a month which usually sees a drop in revenue. James Plousis, chairman of the Casino Control Commission expressed his confidence in the figures for Atlantic City casinos 2019 chapter.
President of the Casino Association of New Jersey as well as president of Caesars Entertainment Corporation’s regional Atlantic City casinos, Kevin Ortzman, discussed that gains have included casino revenue, sports betting revenue, as well as online gaming revenue in the month of January 2019. He also commented on the employment strength these establishments saw at the end of 2018. His enthusiasm for 2019 is clearly justified.
Growth factors in Atlantic City casinos
Atlantic City casinos are experiencing immense growth thanks to the addition of new Atlantic City casinos combined with the increase of popular live-dealer games offered in online casinos. Add the launch of NJ sports betting to the NJ gambling market, and you have a recipe for massive revenue growth.
Internet gaming saw a 53% increase over January 2018 with Golden Nugget Atlantic City dominating the industry of online gambling. GN reported about $12.2 million – almost half of the total online gambling industry’s revenue which sat at $33.6 million.
NJ sports betting revenue reached a total of $9.75 million in January 2019. Through a strong partnership with Resorts Casino Hotel, DraftKings reported a massive $6.9 million in online or mobile sports betting revenue. William Hill’s Sportsbook, located at Ocean Resort Casino, came in first for brick-and-mortar sportsbooks, reporting $1.27 million.
Author
Cael Odom
Show all posts from Cael Odom