Sports Betting Boosts New Jersey Gaming Market
Sports betting has been on offer in the state of New Jersey since June of 2018. Over the past few months, the new industry has provided over $150 million in revenues to the Garden State. Now, it seems that the new option has also helped to generate more traffic in casinos which has resulted in more money spent on gambling games. On top of that, players are also visiting online casinos more after placing sports wagers.
Direct and Indirect Revenues
Sports betting is providing both direct and indirect revenues to the state. Casinos in Atlantic City are seeing more foot traffic during big sports events including the Super Bowl earlier in the year and March Madness from last month.
While foot traffic is increasing thanks to sports betting, the online gaming market is really booming. It was just two months after land-based sports betting services launched that players gained access to online sports wagering. Now, it seems online wagers are taking over and are the bulk of wagers placed in the overall sports betting market.
Players are opting to place sports wagers online, with many never having logged online to a New Jersey online casino. The online casino gaming market has been strong for years now but even they are seeing an uptick in traffic thanks to cross selling from the sports betting sector. Online sports bettors are placing casino wagers as well, which is helping to push the industry to a whole new level.
Over the past few months, online sports betting has grown by around 30%. This year alone, the industry has grown 40 to 50 percent when comparing this year’s monthly figures to last year. It seems that individual online operators with the most successful sports books are seeing higher online casino earnings.
Resorts Casino and the Golden Nugget have both seen significant growth. When comparing March revenues from the past three years, the two are up by double digit percentages. DraftKings and FanDuel are associated with the two casino operators and both have helped to push the online casino revenues for the brands into the positive again and again.
Using Sportsbooks to Push Casino Gaming
When it comes to online sports betting, players will find that the sportsbooks are offering promotions or info on the associated online casino. This simple promotion method helps to pull sports bettors to the online casinos. Players are placing their sports bets then hitting casino games like blackjack or slots.
Players who have never visited an online casino in New Jersey are playing thanks to seeing their casino gaming options via the sportsbook. The online gaming industry as a whole is showing no signs of slowing down in New Jersey and with the two industries helping each other out, the revenues should only continue to increase.
Both sportsbooks and online casinos can cross-sell to the other to provide more traffic. It will be interesting to watch as the year plays out to see just how much both will be affected by the other industry. Revenues may continue to improve as the months go buy, continuing to set new records month after month.