New Jersey has witnessed significant growth in July’s total sports betting handle with over $315 million, a 91 percent increase over June’s $165 million.
For the month of July alone, the handle was just over $315 million, an increase of 25.4 percent from the same period last year.
Particularly noticeable was the gaming revenue of Atlantic City in July that was $248.7 million. Yet, it was less than the amount, $323.3 million, which the state collected from sports betting handle during the same period last year. Though the numbers are improving, experts are expecting a further improvement in the coming days.
The Industry Had Been Waiting For This
It was on July 23rd when Borgata reopened, which was great timing considering it coincided with the return of sports betting to live action.
The revenue generation from the sports betting handle amounted to $29.6 million in July, according to the New Jersey Division of Gaming Enforcement.
The sports betting revenue for July was 65.2 percent higher than the same period last year. Some analysts explain this phenomenon is due to the fact that in a usual year, the month of July tends to be quieter in the sports world. For instance, major leagues, excluding MLB, have finished up and are looking to start until the next season.
Then, it was the online gaming revenue that served to be a significant draw. The online betting market enjoyed a 122.5 percent surge in comparison to July 2019.
What About Atlantic City?
As the betting news has indicated an overall boom in New Jersey, with signs of strong recovery, Atlantic City has appeared lagging behind this trend.
The overall gaming revenue has decreased in comparison to July 2019, which is obviously not exactly where Atlantic City wants to end up.
It is essential to indicate that Borgata is the “highest-performing casino” in Atlantic City, and the fact that it reopened during the ending days in July must have an impact.
Another contributing factor that might have kept many more from joining the betting venues is the prohibitions on indoor smoking, drinking, and dining services. All of that must have affected the overall casino business to some extent.
With Atlantic City also being a significant tourist pace, it’s obviously hurting as the people are not traveling as frequently. It was only on July 2nd when nine casinos in Atlantic City were allowed to reopen.
Having said that, there is a silver lining as industry insiders observe signs of recovery in the tourism and gaming sector.
Now, as the city has returned to full-scale activities, August is likely to bring significant growth in betting activities. More significantly, both the Atlantic City and the state of New Jersey may expect a substantial boost in the wake of NFL that is scheduled in September.