Atlantic City survives the pandemic and recovers its tourism industry thanks to an ingenious online business idea
New Jersey is getting back on its feet in land-based and online gambling, with many casinos around the list here be part of this new period of recovery and growth in the industry.
After recording zero revenue from land-based games in April, May, and June 2021, the industry is back on its feet and revenue is skyrocketing. While in the background was what is now a billion-dollar online iGaming industry, keeping the city’s flagship casinos afloat.
The city is known for its waterfront, tourist attractions, nightlife entertainment, and most importantly, its high-class sprawling structures, yes you guessed it, its casinos. The likes of Bally’s, Borgata, Caesars, Golden Nuggets, Hard Rock, Hurrah’s, Ocean Casino, Resorts and Tropicana are all here. However, these sectors have taken a hit during the pandemic, with many accepting government bailout funds.
It is these gambling businesses that bring in the city’s revenue, create jobs, and keep the tourism industry alive, even for those not interested in visiting the casinos. But how did these casinos survive the pandemic and avoid closing?
iGaming and esports websites saved the city
Many Atlantic City casinos have agreements with online casino and sportsbook brands to bring these gambling services online. The result was a bustling market that has steadily grown in popularity. In accordance with New Jersey state law, iGaming services may exist in the state as long as the operation operates under an existing land-based casino license. And land-based casinos were happy to oblige and partner with several well-known brands to offer iGaming services online.
Atlantic City casinos and their online partnerships are listed below:
- Borgata Casino: Party and BetMGM
- Caesar: Harrah’s & 888
- Golden nugget: Betfair, BetAmerica and SugarHouse
- Hard Rock: Unibet and Bet365
- Casino Ocean: Casino Parx
- Resorts: AC, DraftKings and PokerStars
- Tropicana: Virgo
The online casino license has been in place since November 2013, just over 2 years after federal authorities shut down the entire iGaming marketplace on April 15, 2011. And it worked so well that Delaware followed suit before other states decide it was time. to copy the successful iGaming license framework at the state level of New Jersey. Now Michigan, Pennsylvania, West Virginia and Connecticut have all legalized iGaming using the same laws as New Jersey, while in Nevada there is no casino licensing framework in online – in this state, only online poker and sports betting are legal.
BetMGM Under Borgata Casino Shows Most Impressive Earnings
The casino provider has some of the biggest progressive jackpots in the United States. BetMGM, which operates under the license of Borgata AC, also owns big names like Party Online Casino and Borgata Online Casino. Currently, they hold the No. 1 spot in New Jersey as an online casino provider with a reported GGR market share of 30% as of October 21st. NJ’s online revenue hit an all-time high last year after reporting a monthly take of $127 million.
BetMGM, which also operates in Michigan, Pennsylvania and West Virginia, is also currently the number one online casino operator in the United States with an estimated national GGR of 32% market share across all of its live markets.
BetMGM’s VP of Games Mathew Sunderland congratulated their winner and said he was delighted for Dori and that BetMGM will continue to offer huge jackpots through its exclusive Progressive Jackpot Network and looks forward to more. set more records throughout the United States. States.
New Jersey’s Best Operators
Borgata, Party and BetMGM combined reported total revenue of over $341.3 million for 2021, a growth of 116.6% over the prior year. Borgata, which has been the market leader in Atlantic City for the vast majority of its 18 years in the state, and the rest of MGM Resorts and their other online partners have really started to flex their muscles lately with the record numbers they seem to report constantly. No. 2 in the ranking goes to Golden Nugget – the company that operates the Golden Nugget online casino with a reported revenue of $310.8 million.
Thanks to New Jersey’s relaxed online gambling and sports betting laws, the city’s casinos were able to exhaust another form of revenue while people were locked in or too wary of visiting casinos. terrestrial. Revenues on the online business side were further boosted by those in the Garden State who enjoy land-based casino entertainment but could not visit a casino. With live dealer suites like Evolution and Ezugi Brands, people could zoom into a live table via webcam and play their favorite tabletop games. By the end of 2021, the online casino industry had made a whopping $1 billion in revenue.
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