The expectations were high when the legalization of sports betting became a reality. Everyone involved in the industry had done their calculations and predictions. However, not even the biggest optimist could have forecasted the numbers we see today.
In fact, September alone generated a record-breaking $445 Million in sports wager. Which once again is a new record since measuring started in June 2018. And if we look at combining the first 9 months of 2019, we’re looking at a pure revenue of $190.6 Million on sports betting.
Now, by comparing the figures YOY, it’s easy to calculate the positive impact of sportsbook in the Garden state. Indeed, the statistics show a jump by a whopping 130%. But, even if September was a record-shattering month. Not all 9 Atlantic City casinos have good news to report.
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Not all winners
Even though online sports betting generated $41.1 Million in revenue, posing a 60% increase from last September. It’s not the biggest revenue generator for the industry yet. And that’s even if table games and slots indicated a decline of 3.2%. The $224.5 Million in revenue still surpass the sportsbook vertical.
Now when combining both the casino and sports betting figures, there’s still a noticeable increase to report. The overall revenue is up by 4.1% to $283.2 Million.
Only 3 are on the right side of the line
Sadly, 6 of Atlantic City’s 9 casinos reported a loss. In essence, Caesars intake dropped by 15.7%. Tropicana revenue dipped by 12.9%, Bally’s by 10.8%, Resorts by 5.3%, Harrah’s by 2.7%, and Borgata by 2.5%. Collectively that’s a big dip of 49.9%.
But, the top earners were… In the first place, Ocean Casino Resort reported a massive 46.9% increase, or $24.2 Million. And the second place goes to Hard Rock, and its 20% and $31.8 Million. In the third and final position, we have the old boy on the block Golden Nugget, with its listed 12.7% up to $32.3 Million.
But despite the roller coaster figures for some. It’s worth knowing that in the first 9 months of this year the Garden states tax chest received a bit more than $23 Million. Proving once again that it’s a profitable industry that helps the rejuvenation of Atlantic City in many ways.