Why Gambling Revenue Was Flat in February Despite the Super Bowl

Source: globalnews.ca

The Super Bowl is a highly anticipated event for everyone involved. Fans cannot wait to see and enjoy this game, but we can freely say that casinos all over the country are the most excited since millions of people follow this game, and a lot of them are eager to bet on their favorite team.

However, according to official numbers, the overall value of bets was lower in February than it was in January of this year. Casinos earned $200 million less. According to an official analysis released by the Division of Gaming Enforcement, the numbers went down from $996 million in January to $743 million in February.

Nevertheless, when compared to the figures from a year ago, there was a slight increase. This is due to online gambling that has seen a significant rise in popularity. Naturally, the main reason for this is the on-going coronavirus pandemic that has boosted the use of online betting by 80% in the past year. This comes as no surprise since traditional establishments have been closed for the better part of the previous year. The official numbers state that the revenue of traditional casinos went down compared to the period before they were closed. In addition, gamblers simply have more options when it comes to online gambling, and you can investigate some of them on the Njgamblingfhun website.

Why has this happened?

Source: pexels.com

Well, obviously, coronavirus is the main culprit. These findings were released on the first anniversary of the New Jersey governor closing all the casinos. They stayed close until June 2024, but even though they were reopened, they still had to follow numerous rules, such as the limitation of amenities, capacity, and entertainment they could offer to their visitors.

According to James Plousis, traditional establishments are ready to flourish since the governor Phil Murphy has enabled them to slightly increase their capacities. In a few days, the occupancy of casinos will increase to 50%, to be more exact. Casinos had to find a way to boost their visitors’ safety and minimize the risk of them getting infected over the past year. Naturally, they will have to continue implementing these restrictions and safety measures, but it is expected that their business will bloom in the foreseeable future.

Some casinos have struggled

Even though most of them managed to keep their revenue in sports bets, some have witnessed a decrease. For example, Hard Rock, Ocean, and Borgata have seen an increase of 8,6%, 2.4%, and 1.8%, respectively. However, there are others, such as Harrah’s, Resorts, Ceasers, and Tropicana, which have faced losses of 43%, 37%, 35%, 27%, respectively.

What do official numbers say?

Source: pexels.com

Lloyd D. Levenson Institute for Gambling, Hospitality, and Tourism clarified the exact impact the pandemic had on the gambling industry in Atlantic City last Tuesday. The overall revenue casinos generated from poker, table games, slots, and in-person betting decreased by 48% during the period of 12 months. On the other note, their profit from sports betting and online gambling escalated by 92%. Let’s make a comparison. Before the pandemic hit and the casinos shut down, the contribution of online games to the overall revenue was around 20%. Nevertheless, as expected, this number significantly rose, and in the past year, it was 47%. Interestingly, this number increased continuously not only because casinos were shut down but also since many people were either quarantining or completely avoiding traditional establishments to maximize their safety and eliminate the possibility of getting infected.

Additionally, this report also has some interesting findings when it comes to people visiting Atlantic City. According to their research, the number of vehicles that have entered the city declined by 33% during the past year. Similarly, the number of passengers who flew to Atlantic City dropped by 60%. What’s more, 600,000 people avoided going to Atlantic City by canceling their annual conventions and meetings. If you want to hear the exact numbers, the establishments lost almost $260 million in a year.

Tips for online betting

Since online gambling is your best option today, here are some tips you should follow. Yes, you can go to a casino and play your favorite game, but the truth is that you can never be too careful. Plus, no one can say when this pandemic will end, and everything will go back to normal.

The very first advice we have for you is to take things slow. Yes, we know all about the excitement and how difficult it can be to resist. Still, unless you want to lose a lot of money immediately, the last thing you should do is place multiple bets immediately without doing any research beforehand.

If you have never engaged in sports betting, our advice is to start with sports that you know a lot about. This is due to the fact that you are probably already familiar with the teams, their strengths and weakness. Plus, it will be easier to go over all the statistics and make a well-informed decision.

Furthermore, you have to be realistic and always have a clear mind. Just because you have won a few bets recently, it doesn’t mean you are a pro and that you should turn betting into your full-time job. Next, even though betting and gambling is another form of entertainment, you should always consider all the factors before playing the game. It doesn’t matter if you just want to have fun because the last thing you probably want is to lose. Well, to avoid this happening, you should always conduct research, gather all information, and only then place your bet.

Lastly, you have to find a reputable gambling website. As already mentioned, nowadays, you have many options, but that doesn’t mean that you should go with the first one you find. Naturally, when it comes to gambling, you have to find the one where you can play your favorite game. However, the most important thing you have to be concerned about is the safety of your data. We are not only talking about your personal information but also all the money you will use. Due to this fact, make sure to check the encryption the website uses, and read the terms and conditions.