New Jersey Casinos Win the Billion Dollar Gamble
While other states were airing news stories about local pumpkin patches last Monday, the reporters in New Jersey had a different sort of news to announce. Effective September 30, 2021, New Jersey was the first state to generate a billion dollars in gambling bets. Between Atlantic City’s nine major brick-and-mortar casinos, sports betting, and the newly legalized online gambling, the Garden State managed to rack up a final total for the month of September 2021 of $1,011,114,311. That is just a tad bit more than a billion dollars!
COVID-19 Didn’t Hurt the Casinos as Hard as Many Feared it Would
Since the Great Depression, three industries have never gone out of business (and never will). Firstly, bars and liquor stores have nothing to fear. When times get tough, even people who don’t normally drink head to the local watering hole to drown their sorrows. Then we have another industry; you know the one – they say it’s the oldest profession in the book. Those ladies (and men) of the evening will never find themselves in the unemployment line. And, if you’ve read this far, then you can probably bet on what the third safe industry is. Yup – gambling. And what better place to do it in than Atlantic City, New Jersey?
When COVID-19 hit the country, people were not going to the casinos. Not only was it too dangerous, but for one of the only times in history, the casinos were closed. All of a sudden, you couldn’t watch a 30-minute sitcom or the nightly news without seeing 2 or 3 commercials for online casinos. They couldn’t get those commercials produced fast enough. However, it clearly worked because within just months from COVID touching down in the U.S, New Jersey casinos were raking in more than half a billion dollars a month. That all changed last month.
Atlantic City is a Lot Like Las Vegas But with a Long, Hopeful Stretch of Beautiful Sandy Beaches
If you’ve ever had to plan a bachelor’s party or boys’ weekend, then Las Vegas may be the place for you. But if you want to visit a town with a little bit of everything, then nothing beats Atlantic City, New Jersey. And, thanks to the state legislature, you don’t even have to get on the Expressway to bet. Online gambling was legalized back in 2013, and the state wisely made sports betting legal a few years later.
The governor debated whether to legalize off-site gambling for a while before he finally got the support he needed to make it happen. It almost seemed like a no-brainer. Gambling at the casinos was already legal. Why not go all the way and make it legal to place a bet online, in person, or over the phone if need be?
With the projected revenue and taxes promised to come from legalizing off-site gambling, it seemed like a win-win. Residents of the Garden State could gamble from their couch, a sports betting lounge, or while sipping a fruity cocktail in front of an exciting slot machine. And while most people had high hopes for the additional tax revenue to come rolling into the almost bankrupt city, it couldn’t have happened fast enough.
How Did New Jersey Generate Over a Billion Dollars in Bets in Just One Month?
A billion dollars is a lot of money. It’s hard to imagine that many zeroes in front of you. When you combine the wagers placed at New Jersey’s brick-and-mortar casinos, sports betting venues, and mobile casinos, a billion dollars is not hard to achieve. In fact, with the way things are going, New Jersey will probably continue to rake in over a billion dollars every month until at least after the Super Bowl.
To give you an idea of where this money came from, let’s break it down a bit. For September of this year, New Jersey’s brick-and-mortar casinos came in at approximately 250 million for the year already. For the entire year, online casinos in New Jersey are expected to end at about 988 million. Therefore, without even counting sports betting, the total bets will be over a billion dollars for the 2021 calendar year.
There Has to Be Some Challenges, Right?
There are a few things that concern the State Gaming Commission when it comes to both monthly and annual revenue. More than 25% of all casino and gambling revenue in New Jersey comes from New York residents. The New York Legislature finally made gambling legal. As of the first of the year, New Yorkers will no longer have to take a trip over the bridge to gamble, which will mean a huge dip in revenue for the state of New York. The customers who used to make the drive to Atlantic City will be able to gamble from their dinner table if they’d like.
The other problem comes down to taxation. The tax rate for sports betting is only 8.5%, which is lower than most other states. It’s also a lot lower than alternative types of betting.
Is It Still Worth Taking the Trip to A.C.?
At some point, people think that online gambling will cause all of the Atlantic City Casinos to close their doors. That will never happen. There will always be something about the ambiance of a real-life, brick-and-mortar casino that will never lose its luster. If you’re traveling up or down the Eastern seaboard, check out one of the nine magnificent casinos still standing strong on the Jersey Shore. Choose from any of the following:
- Harrah’s Atlantic City
- Borgata Hotel, Casino, and Spa
- Ocean Casino Resort
- Hard Rock Hotel and Casino
- Golden Nugget
- Caesar’s Atlantic City
- Resorts Casino Hotel
- Bally’s A.C.
Once there, ask to speak to a casino host. They can help secure you those little extras that make a trip to the land-based casinos well worth the ride.
Sugarhouse is owned by Rush Interactive, which is one of the most prominent providers of online sportsbook and casinos in the country. In 2016, SugarHouse launched it online casino in New Jersey, joined by its online sportsbook in 2018. Since then, it became a leading casino and sportsbook for Americans. Check out their fantastic bonuses, games and bets available, and see yourself why when it comes to casino and sports betting in the USA, Sugarhouse is a Powerhouse
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