Around $931.6 million spent in sports betting has set a new highest record for New Jersey in November. It is to mention that this record is not just confined to the territory of a single state New Jersey. The record is also a great achievement for the whole country as it is the all-time best revenue earned by any legal market in the circumference of the US. It is the fourth month that keeps breaking the handle record of sports betting.
In the meantime, the fortune for the Atlantic City hides deeper into the clouds of despair. Nine of the casinos in Atlantic City observed land-based gaming’s gross revenue plummet by 35 percent to only 146.5 million. That’s an almost 77.4 million decrease from the previous year’s November.
Converged with the revenue of $91.8 won from the virtual casinos, and sports betting’s $22.5 million, these nine casinos stated that GGR of November in around 260.8 million. The total year-over-year decline marked by November reaches approximately 10 percent.
Brick-and-mortar gambling has achieved a place in October and September. The initiation of the second surge of Covid-19 which has followed by an NJ 194 Executive Order requiring to close indoor beverage and food options between the hours 10 pm and 5 am has played the prime role in this decline.
Thankful New Jersey
About sixteen states and DC joined Nevada at the start of the 2018 Supreme Court dominating that hit down the long-lasting Silver State’s monopoly on the field of sports betting. While the spread of legal sports betting has benefited only Nevada- the state has reported its highest best sports gambling month with placing $659 million wagers in November. With this, New Jersey has become the leader of the market.
AC Struggles
Online gaming is not as much profitable as the land-based gaming for the casinos at Atlantic City. The virtual gaming facilities are taxed higher and that is almost 7 percent more than that of the typical tax for the gaming floors. Besides, online players do not generate any associated revenue as they don’t register for any beverage, food, entertainment, and hotel stays.
The only Atlantic City casino which has reported a 19 percent rise that amounts to 28 million. None other casinos at Atlantic City were that lucky.