New Jersey has become the model for sports betting. It has, after all, been enjoying a steady increase in gambling revenue since the PASPA repeal last year. And with a growing betting market, a lot of people have started betting. Also, with more than a few learning how to become a bookie.
But sports betting is not the only betting market doing well in New Jersey. You have, in fact, casinos showing an increase in revenue for Q2. Here, the revenue for the quarter is even higher than its Q1 numbers.
New Jersey Gambling Industry
Casino operators in the state report a $806.8 million revenue for Q2 of 2019. This is 18.2% higher than Q2 of 2018. However, its gross operating profit (this is earnings before taxes, interest, depreciation, and other similar expenses), is 6.8% lower than last year. The gross operating profit is at $159.3 million.
But things are still good since this is a higher number than the first quarter of 2019. Granted, the figures also include sports betting. But internet gaming is also included in the net revenue numbers. And for the first half of 2019, the net revenue for New Jersey is at $1.511 billion, which is 17.8% higher than 2018’s first half.
And while net revenue is up, operating profit is down. It is seen as an effect with more competition within casinos that causes the dip in the numbers. But the numbers are improving as the year continues, so experts are still very optimistic with the New Jersey gambling market. Of course, those who are learning to get into sports betting can go for a good sports betting software provider. These providers specialize in sportsbook software, but also offer a lot of gaming opportunities such as racebooks, casino games, and more.