Gambling in the USA

PlayNJ.com: New Jersey sportsbooks slump while online casinos boom

Published

5 years ago

April 16, 2020

PlayNJ.com: New Jersey sportsbooks slump while online casinos boom

Reading Time: 4 minutes

New Jersey’s retail and online sportsbooks took in a third of the expected handle in March, while online casinos and poker rooms boomed to unseen heights. In all, New Jersey’s sportsbooks lost out on nearly $370 million in sports wagers in March, according to PlayNJ estimates, while online casino and poker revenue smashed the previous record with $64.8 million in revenue.

“Shutdowns from the coronavirus pandemic are affecting New Jersey’s gaming industry in ways that are unprecedented, and that will continue until the country begins to return to some semblance of normalcy,” said Dustin Gouker, lead analyst for PlayNJ.com. “New Jersey’s online casinos are a boon to the gaming industry, which employs thousands and generates millions in tax revenue for the state. But it’s not enough to fully bridge the gap from the revenue lost from sportsbooks and Atlantic City’s land-based casinos.”

New Jersey’s online and retail sportsbooks appeared to be headed for a month of $550 million in wagers. Instead, sportsbooks collected just $181.9 million in bets, according to official reporting released Wednesday. In an industry that has seen consistent year-over-year growth of 50% or more, March’s handle was down 51% from the $372.5 million handle posted in March 2019 and down 63% from $494.8 million in February 2020. March’s handle, which pushed New Jersey sportsbooks past $7 billion in lifetime wagers, was the smallest since sportsbooks collected $95.6 million in August 2018.

New Jersey sportsbooks did manage to produce $13.2 million in gross revenue, yielding $1.7 million in tax revenue for the state. But revenue was down 58% from $31.7 million in March 2019.

Most came from bets made before March 11, when the NBA suspended its season and sent a wave of cancelations through the sports world. That left bettors with just a handful of international events and futures betting, mostly on the NFL. The most significant loss for bettors was the NCAA Tournament, one of the nation’s most important sports betting holidays, which would have generated more than $150 million in New Jersey alone, according to PlayNJ.com estimates.

“With the NCAA Tournament, NBA, and opening of the baseball season canceled or postponed, the loss of March revenue will not be something that New Jersey sportsbooks can make up,” said Eric Ramsey, an analyst for PlayNJ.com. “Until sports are able to get going again, New Jersey’s online and retail sportsbooks will continue to be uncomfortably quiet.

Online betting generated 89.9%, or $163.4 million, of the state’s handle in March. FanDuel Sportsbook/PointsBet led online sportsbooks with $5.7 million in gross revenue, down from $9.6 million in February. FanDuel was followed in revenue by:

Resorts Digital/DraftKings/Fox Bet ($5.1 million, up from $4 million in February).
Monmouth/William Hill/Sugarhouse/TheScore ($849,236, down from $1.3 million)
BetMGM/Borgata ($609,235, down from $1 million)
Ocean Casino/William Hill ($635,620, up from $168,015)
Hard Rock/Bet365/Unibet ($167,314, up from $96,397)
Golden Nugget/BetAmerica ($143,209, down from $308,997)
Caesars Sportsbook/888sport ($44,413, up from $34,183)
Tropicana/William Hill ($17,180, down from $30,558)

FanDuel Sportsbook at The Meadowlands led the retail market with $233,360 in gross revenue, down from $1.4 million in February. FanDuel was followed in gross revenue by:

Tropicana Casino ($42,081, down from $91,899)
Monmouth Park (-$196, up from -$51,888)
Bally’s AC (-$6,654, down from $32,199)
Golden Nugget (-$10,348, up from -$135,314)
Hard Rock AC (-$32,854, down from $19,294)
Harrah’s AC (-$39,058, down from $41,649)
Ocean Casino (-$68,436, up from -$65,868)
Resorts AC (-$93,821, down from $47,143)
Borgata (-$122,207, up from -$318,896)

“Professional leagues are trying to figure out a way to get back out on the field, which is the good news,” Gouker said. “The bad news is there is no way to know when that will be, and it doesn’t appear that it will be particularly soon. This is going to be a long road, not just for sportsbooks, but for everybody.”

Online casinos and poker set new records

Online casinos tell a much different story. With Atlantic City casinos closed and workers sent home across the state, New Jersey’s online casinos and poker rooms shattered their previous revenue record by generating $64.8 million in March. That is up 18% from the previous record of $55.1 million set in January, and up 66% from $39.1 million in March 2019.

Poker, which has languished for years in New Jersey, produced $3.6 million in revenue in March, beating the previous record of $3.1 million set in October 2016. Online casino games easily topped their previous best, too, generating $61.2 million to surpass the record $53.3 million produced in January.

Before March, only online market leader Golden Nugget had ever produced more revenue with its online gambling products than its Atlantic City casino in the same month. The Golden Nugget easily did so again with a record-setting $21.3 million in revenue, and the casino brand for Resorts AC ($13.5 million) did so for the first time. Borgata ($12.2 million) led the remaining list of other online casinos that topped previous bests.

“With Atlantic City casinos closed and sports on hiatus, the importance of online gambling and poker to the state’s gaming industry has never been greater,” Ramsey said. “Online casinos can’t sustain the industry forever, but those with the healthiest online products should be in the best position to emerge from these incredible circumstances. And the tax revenue from online casinos is welcome when so much pressure has been put on the state budget.”

Online casinos and poker generated a record $2.1 million per day during the 31 days in March. That revenue yielded $9.7 million in state taxes.

For more information and analysis on regulated sports betting and online gaming in New Jersey, visit PlayNJ.com/news.

About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

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Gambling in the USA

Gaming Americas Weekly Roundup – November 4-10

Published

20 hours ago

November 12, 2024

Niji Narayan

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

PENN Entertainment and ESPN announced that account linking between ESPN BET and ESPN is now available for customers, creating an even more deeply integrated media and betting experience. By linking accounts, fans now have the ability to seamlessly track upcoming, live and settled bets within the ESPN app and on ESPN.com. With this product enhancement, ESPN BET will soon bring fans more personalised bets and timely promotions based on their favourite sports, teams, players and fantasy rosters.

Accel Entertainment Inc. has announced that it has completed the acquisition of 85% of the ownership interests of Toucan Gaming LLC and LSM Gaming LLC, two Louisiana-based route operators and owners of multiple licensed video poker establishments (collectively, “Toucan”), for approximately $40 million. The combined business will operate as Toucan Gaming throughout Louisiana and will be led by Stan Guidroz, an industry-leading gaming executive and current CEO of Toucan Gaming. Mr. Guidroz owns the remaining 15% of Toucan’s ownership interests and will lead the Accel team supporting Toucan’s continued growth.

INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT, its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalisation of the existing land-based network. The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.

BetMGM Poker has become the third US operator to offer multi-state online poker. The company has merged its player pools in Michigan and New Jersey. Both states are a part of the Multi-State Internet Gaming Agreement, which allows online poker networks to share liquidity and players in participating markets. The two-state network went live Wednesday afternoon after morning maintenance.

Betsson Group has celebrated its success at the SBC Awards Latinoamérica 2024, winning two prestigious awards: Sportsbook Operator of the Year and Leader of the Year, which was awarded to Kevin Saliba, Commercial Director (Business Development) for Latin America. This marks the second consecutive year Betsson has earned the Leader of the Year accolade, following Andrea Rossi’s win in 2023 – an achievement that underscores Betsson’s consistent leadership in the region.

Partnerships

Play’n GO has announced a new operator partnership with renowned gaming brand Hard Rock Digital for their top-rated Hard Rock Bet online casino platform in New Jersey. The Hard Rock brand is synonymous with entertainment worldwide, and this partnership will see Hard Rock Bet players in New Jersey gain access to hit Play’n GO titles such as Piggy Blitz, Book of Dead and Rise of Olympus 100.

SCCG Management, a global leader in gaming innovation and advisory, has announced a strategic partnership with Chata.AI, a technology provider specialising in self-service, proactive analytics that enables businesses to access real-time insights without requiring extensive technical expertise. This partnership introduces Chata.AI’s technology to the gaming industry, providing operators with powerful tools to streamline decision-making and increase operational efficiency.

Gambling in the USA

Gaming Americas Weekly Roundup – October 28-November 3

Published

1 week ago

November 4, 2024

Niji Narayan

Reading Time: 2 minutes

Latest News

Elray Resources Inc. has announced a significant milestone in the company’s growth strategy. The company has completed the sale of proprietary technology to 180 Life Sciences Corp. (NASDAQ:ATNF), a NASDAQ-listed company in exchange for preferred stock convertible into a 40% stake in ATNF and warrants to purchase 3 million shares of ATNF common stock, the conversion/exercise of which is subject to stockholder approval. The technology stack contained within Elray’s technology package will assist ATNF in launching an iGaming Blockchain casino.

PrizePicks, the largest daily fantasy sports operator in North America, has announced that it has been awarded Daily Fantasy Sports Operator Licenses in Delaware and Missouri. The company will launch Arena, its innovative peer-to-peer fantasy sports contest, in both states. With these new state launches, Arena will now be available in 15 states across the US.

The Pennsylvania Gaming Control Board (Board) unanimously voted to renew the Category 2 stand-alone casino license of Wind Creek Bethlehem LLC, operator of Wind Creek Bethlehem casino in Northampton County. In making the decision, the Board determined that Wind Creek Bethlehem LLC had fulfilled the obligations under its previously approved casino operator’s license and therefore qualified to have its license renewed for an additional five-year period.

Aristocrat announced that the company was the first international slot and online technology company to be granted a Gaming-Related Vendor license by The General Commercial Gaming Regulatory Authority (GCGRA), the federal entity overseeing commercial gaming activities in the United Arab Emirates (UAE). This announcement grants Aristocrat the ability to provide the company’s land-based electronic gaming machines (EGMs) and online games and technology solutions to commercial gaming operators licensed by the GCGRA.

Partnerships

SCCG Management, a leading global advisory and consulting firm in the gambling industry, has entered into a strategic partnership with Slot Machines Unlimited, a premier provider of refurbished slot machines and gaming equipment. The partnership between SCCG Management and Slot Machines Unlimited leverages both companies’ strengths: Slot Machines Unlimited’s expertise in refurbished gaming equipment and SCCG’s deep industry insight, global network and strategic growth capabilities. The collaboration will enhance Slot Machines Unlimited’s international sales and service operations, ensuring gaming establishments worldwide have access to high-quality slot machines and support.

Galaxy Gaming Inc. has announced that the Galaxy Operating System (GOS) is now live on over 50 ships worldwide with Carnival Corporation & PLC, the world’s largest leisure travel company. Since the installation, tables powered by GOS have awarded over $5 million in jackpot payouts to players. GOS is the jackpot progressive system for all Carnival Corporation ships, including Carnival Cruise Line, Holland America Line and Princess Cruises. Launched in 2024, GOS is the next-generation game management system developed by the industry’s leading table game experts.

The hottest new game from Aristocrat Gaming, Phoenix Link, is now live on casino floors, with Yaamava’ Resort & Casino being the first in North America to offer the highly-anticipated game. As the next evolution of the international hit game, Dragon Link, Phoenix Link features player-favourite mechanics from top games with all-new themes, features and bonuses.

Gambling in the USA

Gaming Americas Weekly Roundup – October 21-27

Published

2 weeks ago

October 28, 2024

Niji Narayan

Reading Time: 2 minutes

Latest News

Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, announced the official launch of the Bally Bet Sportsbook app in Tennessee, marking its expansion into the tenth state. This milestone comes on the heels of recent successful Bally Bet launches in Massachusetts and Maryland. Sports enthusiasts across the Volunteer State can now revel in the comprehensive offerings of the Bally Bet sportsbook app. With a wide array of betting options, including spread, money line and total bets, as well as in-game betting and same game parlays, Tennessee sports fans will have an unparalleled wagering experience.

ESE Entertainment Inc., a gaming company that provides a range of services to leading video game developers and publishers, has announced that it has acquired Bombee Global Entertainment (Bombee Americas), the North American arm of Bombee Event Production AB, (Bombee), a global production company specialised in live production, special effects, broadcast and event management for the gaming sector. Bombee has successfully collaborated with ESE to bring its premier event production services and world class customer service to North America and beyond. The North American arm of Bombee, Bombee Americas, will continue to grow and scale in this new organisational structure under ESE, while maintaining its entire team and global support.

Matthew Wantman has become the overall champion of the PokerGO Tour PLO Series II presented by PLO Mastermind. Wantman secured the prestigious honor after an impressive showing at PokerGO Studio in Las Vegas, outperforming a talented field of the best PLO players in the world to earn the $10,000 PGT Passport bonus. The PGT PLO Series II featured a series of high-stakes pot-limit Omaha tournaments. Wantman’s consistent performance set him apart from the competition and solidified his spot atop the leaderboard.

Partnerships

SYNOT Games has announced its further expansion into the Colombian market through a partnership with BetPlay. This alliance highlights SYNOT Games’ commitment to increasing its presence in Latin America and providing its engaging and innovative games to a wider audience. Through this partnership, BetPlay’s online platform will feature a curated selection of SYNOTGames’ top-performing titles, including fan favourites like Aztec Jaguar, Diamond Fever, Realm of Lions.

Internet Sports International, a global provider of turnkey race and sportsbook software solutions, announced its partnership with the We-Ko-Pa Casino Resort in Fort McDowell, Arizona. Through this consultancy, ISI is powering the casino’s sportsbook and retail sports wagering operations on its gaming floor with its award-winning system. WKP Sportsbook is currently operating, allowing patrons to elevate their excitement by wagering on their preferred sporting events with up-to-the-minute odds and live action. The automated sportsbook kiosks provide access to a wide range of sports propositions for both the beginner and expert bettor.

Aristocrat Gaming, a leading designer, manufacturer and distributor of regulated slot games, announced it is now a promotional partner for Princess Cruises, one of the world’s most iconic cruise lines. Through this exciting collaboration, Aristocrat Gaming will design innovative gaming experiences for guests onboard Princess ships as well as create promotions with land-based casinos that offer Princess cruises as rewards.