The country’s gambling industry is looking to be a cash cow for local and regional businesses, with commercial casino revenue nationwide reaching nearly $42 billion last year.
That is according to a recent study by the American Gaming Association, which counted how much money came in for the 465 casinos across the United States. Nationwide the industry generated $9.7 billion in state and local taxes last year, according to the study.
The report comes as most insiders and observers of New Jersey’s gambling industry argue the economic sector is booming in the state, following a low point between 2014 and 2017 when nearly half of the state’s casinos shuttered their windows.
“The rapid expansion of legalized sports wagering following the Supreme Court decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in May 2018 played a role in the industry’s record year,” reads a Tuesday statement from the AGA. “Total industry-wide revenue from sports betting grew to $430.2 million in 2018, up from $261.3 million in 2017.”
New Jersey’s nine casinos took home $2.9 billion last year, thanks in part to the addition of the Hard Rock Hotel Casino Atlantic City and Ocean Casino Resort last summer, as well as the addition of seven brick and mortar and five online and mobile sports books, according to data from state gaming regulators.
Monmouth Park Racetrack and the Meadowlands Racetrack both added in-person and mobile and online sportsbooks last year.
Overall, patrons bet $1.25 billion on sports wagers last year and another $1.3 billion this year – most of that via the online and mobile apps – since Gov. Phil Murphy placed the state’s first legal sports wager last June.
“More people than ever are experiencing the economic and social benefits of gaming in their communities, due in part to the expansion of legal sports betting across the country,” AGA President and Chief Executive Officer Bill Miller said in a Tuesday statement.
