The stages figure’s for the month of April has been released by the New Jersey Division of Gaming Enforcement. This report reveals the performance of the online betting operators, horse tracks and casinos for the past one year. In the period that was covered by the report, the profit of the industry increased by 20%.
For the past few months, the general misconception has been that the online casino is dying at the expense of in-person gambling. This is obviously wrong and the evidence is in the higher in-person casino revenue of 2021 compared to April 2019.
From the nine major gambling brands with operations in NJ, the total revenue collected amounted to $235 million for the month of April 2022 from in-person gambling operations. Considering that the revenue was 24% higher than what was collected in 2021 and $35 million more than what the same segment collected in 2019, 2022 is quite promising.
When individual casino performance is considered, five establishments performed better than they had managed in 2019 while the other four trailed by a small margin. It is largely believed that April 2022 turned out well owing to the number of Saturdays it had. Some critics believe that the good numbers were as a result of the contribution made by the new players, Ocean and Hard Rock.
The top earning casino for the month of April was Borgata with total revenue of $61.6 million which is about 60% in excess of what the casino managed in 2021. The second position went to Hard Rock Casino which managed $40.5 million (15% more than what the establishment collected in the same month the previous year). Ocean Casino came ranked in third position with revenue totaling$26.2 million, 18.5% more than the 2021 figures. Even though Harrah’s did not make it to the podium, the casino had revenue of $23.1 million collected in April – quite impressive because it was nearly 12% more than the year-over-year.
Tropicana’s revenue for April 2022 was $22.4 million, a 17% increase from April 2021. The other casinos in New Jersey also made good progress as follows; Caesars earned $20 million, an increase of 7%, Bally’s earned $14.4 million, an increase of 31%, Resorts earned $14.3 million, an increase of 10.5%, and Golden Nugget earned $12.3 million, an increase of 12%.
The President of Hard Rock, Joe Lupo, was thrilled that his company had gained the largest increase of revenue compared to the performance of April 2019. As the busy summer season approaches, Lupo is confident that his company will keep up the impressive performance.
According to the director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, their study of the Atlantic gaming economy in New Jersey reveals that the current wave of recovery is going to last a while longer. Even though the threat of Covid-19 is yet to be a thing of the past, the public is gradually reverting to pre-pandemic social conduct that involves travelling, socializing and converging in crowds.
By the end of April 2022, the total revenue collected from the casino, racetrack gambling and sports betting was $1.6 billion. The revenue collected from in-person casino operations for the same period was $848 million.
The internet has been a huge catalyst in growing the gambling industry and especially for players who are held up in other activities like work and lifestyle. The revenue for April 2022 from internet gambling sources was $136.9 million, which is a 27% increase from the year before. In considering the year-to-date period, wins as a result of the subsector was reported to be $545.4 million, indicating a growth of 30.2%.
The revenue collected from the tracks and casinos in April has been found to be almost $927 million, a direct inspiration of NJ sports betting. PlayNJ argues that this is a sign of the growth of the digital gaming industry despite the hard economic times that have left many brick-and-mortar establishments gasping for breath.
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A PlayNJ analyst known around industry circles as David Danzis has noted that the tough economic times do not have a significant effect on the gambling industry. It is however a fact that the rising costs of living will in term cause a decline in people’s dispensable income and this may take a bite off the industry on the long haul.
For the vibrant New Jersey market, the retail and online sportsbooks collected $926.9 million in April 2022 which is a 23.9% increase from April 2021. This was in turn a 17.3% decline from $1.1 billion generated in March. Even though the year-over-year progression was significant for the industry, April was the first period in the year which recorded a year-over-year increase of below 31%. Bets wagered in April resulted in a total of $50.3 million in operator revenue which had declined by 8.2% from 2021 and 24.2% from March. The most successful sport over this period was basketball with revenue of $323.4 million.
The NBA is popular worldwide and in AC it has always cushioned the state against a dramatic revenue plunge in spring. With the Sixers and Nets present in the starting rounds at the playoffs, the market is certainly remains stable for Bally’s FanDuel Sportsbook investor.
Final Thoughts
The Nets and the Sixers will be featured in the initial rounds of the upcoming NBA playoffs. This is definitely a time where sports bettors will cause online casino business to surge once more. It is expected that the market will experience some level of calm proportional to diminishing frequency of the NBA games. Golf and Baseball will however be dominating the scene so profitability will still be achieved. While the revenue levels might be relatively low over summer owing to this, sportsbooks have in recent years been successful in generating significant revenue from these other games.
