New Jersey Casinos Break Revenue Record in The Middle of a Pandemic
2020 has been a year with so many ups and downs however for sports betting and online casinos in New Jersey it has been rather fruitful. In a year where most businesses have been struggling with dropping revenue new jersey once again so passive and breaks the record for the most revenue growth in from gambling. Sports-betting alone hit the US$800 million mark and online casinos broke their own record.
In the last financial year’s New Jersey sports betting and online gambling industry has grown year-on-year. And we should be used to it by now but no one would blame us for being pessimistic about 2020. Follow along as we expand more on how the NJ gambling industry did financially.
Sports Betting and Online Casino Revenue In New Jersey
Although we are pleasantly surprised by the record-breaking revenues in NJ it shouldn’t really be all that surprising period in a year that a pandemic crippled the whole world basically everyone was more or less locked in their homes. And considering that a lot of people lost their incomes it’s no surprise that online gambling picked up in popularity.
Most people who would have been avid gamblers and visiting your local sports betting locations and local casinos had to opt for online options. Many of the casinos even those that we recommend had plenty of COVID-19 inspired bonus promotions.
Let us look at the numbers and see how well NJ’s sports betting and online casinos really did.
New Jersey’s online and retail sportsbooks brought in $803.1 million in bets in October which is almost double the $487.9 million made in October 2019.
Why Gambling Revenue Increased During A Pandemic
It may seem surprising still that even as we say that people had to go for online casino option since the local casinos had to be shut down how do we explain the surge in online sports betting. A lot of sports had to be cancelled and shut down yet sports betting revenue still went up. Well there was a lot of futures betting. And local US gamblers had the luxury of betting on sports markets that had not completely shut down from other countries.
For instance, baseball lovers could watch and bet on Korean baseball leagues. These leagues continued playing in stadiums even with no spectators. And these games were streamed internationally allowing bettors from all over the world to get in on the action.
Sports disciplines such as MMA booked of islands where fighters were secluded and this fight could be live-streamed and sports fans could bet on this fight. As we got in deeper within the year sports franchises like the NBA got creative and created bubbles where players and teams were secluded and quarantined. This way they were able to compete safely with other teams and give fans a full season of the NBA. For that reason, most sportsbooks were able to stay afloat and still give gambler sports betting options.