New Jersey regulated sports betting within its state recently. This can be marked as a benchmark in the poker industry, after years of struggle.
As per the Garden State gambling regulators, the five major sports betting arenas of the state generated a collective revenue of $41 million together, in the month of July. This makes up around $3.8 million as profit for them.
It has only been about 6 weeks that New Jersey has regulated sports betting. Within this time, bets of more than $57 million have been placed. Drawing a line of comparison between New Jersey and Nevada in this regard, Nevada took more than $280 million worth of bets in June alone.
The five main and active sports books in New Jersey are Bally’s, Borgata, Ocean Resort (formerly Revel), Meadowlands and Monmouth Park. Among this, Monmouth Park has generated the highest revenue from sports betting- $3.1 million alone.
Owing to sports betting regulation and $25.9 million in internet gambling revenue, it was easy for New Jersey to walk on the footsteps of Las Vegas for the casino-style gambling industry. The industry, this year, has generated 12.8% profit- much higher than the previous year’s.
July was a significant month for the sportsbooks. An increase of 16.5 percent has been achieved since the decision has been taken by the New Jersy government.
Atlantic City casino On Revenue Generation
Formerly known as ‘Ruvel’, this casino has undergone a revamp and it finally reopened in June 2018. Last Tuesday, the state officials compromised the casino’s financial data.
As per the New Jersey Division of Gaming Enforcement, this casino, presently known as Ocean Resort Casino AC, generated revenue of over $89,000 from its poker table, last month.
The room trailed Borgata ($1.97 million), Harrah’s ($265,000), Bally’s ($252,000), Tropicana ($209,000) and Golden Nugget ($104,000) among the brick-and-mortar rooms.
The now Ocean Resort Casino became functional in 2012, did business for the next two years and was shut down in 2014. The casino once attempted to become the ‘Mecca’ of high-stakes poker of the East coast, however, in 2013, it wrapped up its 37 tables poker room.
Denver-based Integrated Properties recently transferred the rights of the casino to its name for $200million. Earlier the casino was bought by a Florida-based real estate developer, in 2016, for a pocket-friendly price of $82 million.
In total, there are 9 brick and mortar casinos in Atlantic City, Ocean Resort being the most recent. Hard Rock Atlantic City, formerly known as the Trump Taj Mahal, did a come back in the last week of June, this year, too.