In May, the casino and sports betting industry in New Jersey saw a remarkable increase in revenue, reaching nearly $510 million. This marked an impressive 8.3% increase compared to the previous month, indicating a strong recovery in the state’s gambling sector.
According to the latest report from the New Jersey Division of Gaming Enforcement, the total gaming revenue for May was $509.9 million, with sports betting contributing significantly to this growth. The sports betting revenue alone reached $52.9 million in May, up by a staggering 108.6% compared to the same period last year.
The surge in sports betting revenue can be attributed to the increasing popularity of online sports betting platforms, with many major sports leagues resuming their activities after the COVID-19 pandemic forced a temporary shutdown. Additionally, the easing of restrictions on in-person betting at casinos and racetracks also contributed to the growth in sports betting revenue.
On the casino front, the total casino revenue in May reached $457 million, marking a 3.7% increase compared to the previous month. Despite the ongoing challenges posed by the pandemic, the casinos in Atlantic City have managed to attract a significant number of visitors, leading to improved revenue figures.
The impressive growth in revenue is a positive sign for the state’s gambling industry, which has been severely impacted by the pandemic. With the easing of restrictions and the increasing popularity of online gambling platforms, the industry is poised for further growth in the coming months.
In response to the positive news, industry experts are optimistic about the future of the New Jersey gambling sector. They believe that the continued growth in revenue will not only benefit the state’s economy but also provide a much-needed boost to the tourism industry in Atlantic City.
Overall, the increase in revenue in May is a clear indication of the resilience and adaptability of the New Jersey gambling industry. With the ongoing recovery and the increasing demand for online gambling services, the state’s gambling sector is expected to continue its upward trajectory in the months to come.