New Jersey Enjoys $6bn Betting Windfall
New Jersey fell just short in December of becoming the first state to accept $1bn in sports bets in a single month, but still extended a streak of record-setting months
Online casinos tallied $970.3m in revenue in 2020 — a 101 per cent gain from $482.7m in 2019 — and produced $145.7m in state taxes.
NEW JERSEY ONLINE
New Jersey fell just short in December of becoming the first state to accept $1bn in sports bets in a single month, but still extended a streak of record-setting months while reaching a record $6bn in wagers for the year. Tis while online casinos and poker continued to stem the millions in revenues losses by retail casinos.
“A unique set of circumstances, most notably a once-a-century pandemic, sent online sports betting to these previously unfathomable highs," said Dustin Gouker, lead analyst for
PlayNJ.com. "Te pandemic has had a diametrically opposite effect on New Jersey's online and retail markets for both sports betting and casino games. But the growth of online betting was crucial in making up for at least some of the losses in revenue at Atlantic City casinos and certainly continue to steady the entire gaming industry.”
New Jersey's sportsbooks collected a record $996.3m in December wagers, according to official data released Wednesday. Tat surpassed the record $931m bet in November, and marked the fifth straight month the state has set an all-jurisdiction record.
Las Vegas Sands looking at options for online sports betting
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Having long been an opponent to anything online gaming related, Las Vegas Sands is currently looking at potential partners to take it into the online betting age.
Whilst the late Chairman Sheldon Adelson very publicly campaigned against online gaming in the past, CEO Rob Goldstein is now in early discussions that could the iconic Sands brand partnering with a sports betting platform or developing its own betting platform.
Sands is the only major domestic US casino operator without an online sports betting platform with its retail sportsbook at the Venetian Las Vegas and kiosks at the Palazzo
December's bets generated a record $66.4m in revenue. Year-over-year, handle was up 78.6 per cent from the $557.8m bet in December 2019 and revenue was up 125.6 per cent from $29.4m in December 2019. December's bets produced $8.3m in state taxes.
For all of 2020, New Jersey's retail and online sportsbooks produced $6.02bn in bets, $5.5bn in online wagering, $398.5m in operator revenue and $65.1m in state and local taxes.
"Even when post-pandemic life returns to normal, online sports betting won't likely give up its gains from this year,” said Eric Ramsey, analyst for
PlayNJ.com. “Te silver lining for the industry was that this year was an opportunity for online operators to focus heavily on their products and build their customer base, using a combination of technology improvements and aggressive promotions. Tat has matured the market far more quickly than was projected.”
Online betting generated 93.3 per cent, or $929.3m, of the state's total handle in December. FanDuel Sportsbook/PointsBet topped operators with $29m in gross revenue.
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being operated in conjunction with William Hill.
RoundHill Investments co- founder Will Hershey said: "In terms of a potential online offering, LVS is certainly late to the party. In that sense, they may look to partner with an existing operator, perhaps via direct investment, rather than trying to play catch-up to the likes of FanDuel, BetMGM, and DraftKings.”
“A combination of improved regulatory momentum in states like New York and increasing valuations for online operators has likely weighed on their decision to reconsider. Te longer the pandemic rolls on and retail operations suffer, the more pressure there is on Las Vegas Sands to enter online,” said Mr. Hershey.
Bank of America analyst Shaun Kelley believes that sports betting revenue could grow by 70 per cent over the next year.
Te Association of Gaming Equipment Manufacturers has elected a new slate of officers under the leadership of new President, David Lucchese, EVP Sales, Marketing & Digital for Everi. Mr. Lucchese replaces Luke Orchard for a two-year term, while Mr. Orchard, SVP, Chief Compliance & Risk Management Officer for IGT, moves to a VP position for a one-year term. One-year terms were also approved for AGEM VP Elaine Hodgson (President /CEO, Incredible Technologies), AGEM VP Tomas Jingoli (EVP, CCO, Konami), AGEM VP Robert Parente (SVP, CRO, Gaming, Scientific Games), AGEM Secretary Eric Fisher (SVP and GM, CPI), AGEM Treasurer Hector Fernandez (President - Americas, Aristocrat ), and AGEM General Counsel Daron Dorsey (SVP and General Counsel - Americas, Ainsworth Game Technology).
VIRGINIA – At a ceremonial outdoor and socially distanced ribbon cutting, Colonial Downs Group has opened Rosie’s Gaming Emporium in Dumfries, Virginia, becoming Northern Virginia’s first licensed gambling operation.
Rosie’s, located in the Triangle Shopping Plaza convenient to Interstate 95, features 150 slots-like gaming machines, although only 95 are currently switched on due to social distancing. It also offers simulcast horse racing, restaurant and bar. Aaron Gomes, CCO of Colonial Downs Group, stated: “It is very exciting to be opening our fifth Rosie’s in Virginia. The opening of this Rosie’s adds to our tremendous success in Virginia and enters us into Northern Virginia. The Dumfries location builds on our commitment to create more than 1,000 jobs and generate significant tax revenues across the Commonwealth by bringing together gaming enthusiasts and the community.”
US – SUZOHAPP has announced the separation of its gaming and amusement business from its cash handling business, effective immediately. The new cash handling business will be called PayComplete. SUZOHAPP will focus solely on its core gaming, amusement, and sports betting business.
“As our offerings grew in number and complexity, it became apparent that we could operate more efficiently and serve our customers more effectively by separating into two independent entities,” said Sim Bielak, Global President of SUZOHAPP. “The increased focus we can now bring to our Gaming and Amusement business will bring us closer to the customer as we align our offerings more directly with their needs.”
“Moving forward, our customers can expect much greater attention to be given to understanding and meeting their needs quickly, efficiently and cost effectively,” continued Bielak. “Our optimised operations will allow for increased innovation, improved response times and greater customer service. 2021 will be a great year for SUZOHAPP and its customers.”
WASHINTON – The Washington Nationals has penned a multi-year, exclusive partnership with BetMGM that will see the opening of a BetMGM Sportsbook connected to Nationals Park, the launch of an app within the permitted area around the Park, as well as fan-focused campaigns and co-branding.
The newly created Sportsbook will be located in the space currently serving as Center Field Social, across Center Field Plaza from the Nationals Team Store. It will not be accessible by fans while they are in attendance at a Nationals game, but fans will be able to place bets via BetMGM's mobile app.
NEWSWIRE / INTERACTIVE / MARKET DATA P19 NORTH AMERICA
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