Last September, the New Jersey sports betting industry achieved a feat. According to New York’s NBC, the industry “became the first in the United States to raise more than a billion dollars worth of bets in a single month.” New Jersey shows that the nine Atlantic City casinos and the three race tracks that accept sports betting have collected $1.01 billion in sports betting.
NJ’s first 1 Billion Month in Sports betting
According to Casey Clark, senior vice president of the American Gaming Association, “New Jersey has always been a strong gaming market.” He also pointed out that the brand “is an impressive indicator of locals and Americans across the country who have embraced legal and regulated sports betting.”
Not only does the casino industry do well, but the sports betting industry is also booming. The publication cites the good month in New Jersey in all respects regarding gambling. Real casino, internet, and sports betting revenues grew more than 40% from the previous year to $453.5 million. And for those interested in online betting, it’s time to check out the NJ sportsbook promos.
In October, the sports betting industry broke its national record for the most bets placed in a single month, reaching $1.3 billion. Last month’s figure surpassed the $1.01 billion worth of chances that the nine Atlantic City casinos and three horse tracks offering sports betting placed in September.
New York offers mobile sports betting underway as the state has chosen sellers who will do this type of sports betting to have it up and run before the Super Bowl in February.
In October, more than half of New Jersey’s sports betting revenue was made at the Meadowlands Racetrack in East Rutherford, just outside New York City. Generating over $44 million during the month and easily outperforming Freehold Raceway (just under $7 million). And Monmouth Park in Oceanport, off the Jersey shore ($4.5 million).
One of the most profitable quarters in decades for the Atlantic City casino sector
New Jersey was also a pioneer in justice. In 2018, the state won a US Supreme Court case that paved the way for all 50 states to offer legal sports betting, and now more than half the country already allows it. The publication reports that “Since then, New Jersey has been near or at the top of the sports betting industry across the country. The previous national record for the biggest single-month sports money bet also came from New Jersey.” There were $996 million wagered on sports in December 2020.
Neighboring New York state has already posted more than $7 billion in betting on the sportsbooks as of September.
Speaking to NBC, gaming industry scholar Jane Bokunewicz of Stockton University said, “New Jersey has reaped the benefits of being an early adopter of sports betting. than even Nevada, New Jersey reached a milestone of more than $1 billion betting on sports in a single month.”
Online Casinos Must Keep Growing
Interest in online casinos is expected to grow overall on the international stage in 2022. The industry is expected to move more than $565 billion worldwide in the coming year.
A study published on the European Gaming portal brings projections for this market over the next five years and predicts even more significant growth in numbers.
According to this survey, online gaming companies are expected to expand their casinos and sports betting options in 2022. Next year, the sports calendar’s main event is the men’s soccer World Cup in Qatar. The projection is that the event will help bring new users to bookmakers and, consequently, casinos.
Another projection on the international market is that the United States will continue to be the country where this industry will grow at the highest speed. States fractions the law in the nation, and currently, only Pennsylvania, Nevada, and New Jersey allow industry companies to operate legally.
Along with the growing interest in online casinos, new products on the market have arrived. By 2022, the industry players expect many improvements in the leading houses. The main ones are:
- Legalization in more countries
- The improved visual quality of games
- Virtual and Augmented Reality
- Growth of esports betting
The online casino industry skyrocketed around the world during the coronavirus pandemic. With the return of the “normal world,” this market is not even close to regressing. Every year, casinos are regulated in more countries, and governments realize there is no way to fight this trend. By 2022, the expectation is that this market will move more than 250 billion dollars worldwide.