Casinos Online Gambling Surged For Three Straight Months
In response to the stay-at-home mandate, many operators focused on their online casino and sports betting platform.
During the lockdown, people are trapped inside their homes with nothing else to do. People needed an alternative source of entertainment during the lockdown.
Online gaming provided entertainment for many Americans.
The volume for searches for online gaming platforms like online casinos and online sportsbooks increased while people stay in their homes. For many casinos, online gambling was the only source of revenue that could cushion the impact of the novel coronavirus. Sportsbooks contributed largely to the revenue of land-based casinos during the lockdowns.
Sportsbooks collected revenue amid the pandemic
The Supreme Court’s ruling to lift the ban on sports betting the country allowed the operations of sportsbooks in many casinos.
More than 20 states regulated and controlled their sports betting industry. It paved the way for the operations of online sports betting and sportsbook operations within the bricks and mortar casinos.
The postponement and cancellation of major sports events during the lockdowns did not stop sports betting from collecting wagers from gamblers. Colorado recently reported that its newly launched sports betting industry collected $25 million in wagers for the full month of May. The sports betting industry raised more than $96,000 in gaming revenue.
Pennsylvania collected $89 million from its sports betting industry. Online gaming gathered $50.1 million in revenue in June. The figures showed the potential of the industry for future growth. Dustin Gouker, the lead analyst for PlatPennsylvania.com, said the reopening of the casinos last month played an essential role for the future of gaming in the state.
Online gaming in casinos saw record-breaking revenue for three months
Internet revenue in casinos saw increased revenue for three consecutive months despite the closure of land-based casinos. The revenue increase by 123 per cent in June 2020 compared to the figure in the same month last year. The report highlighted that the novel coronavirus stay-at-home protocols contributed to the rise of internet revenue in the casinos.
Analysts at Play NJ projected better days for New Jersey’s gaming industry as online casinos and poker gains popularity. The report highlighted the contribution of sportsbooks that has handled $165 million in June. The value is behind projected output for the month at $300 million, but hopes are high due to the news major sports events’ return, such as the MBL and the NBA.
New Jersey’s Division of Gaming Enforcement recorded total revenue of $97.5 million. The report said online casinos and poker collected revenue amounting to $84.9 million, and in June, Golden Nugget Online Gaming leads the market with revenue collection amounting to $29.15 million.
The company announced a plan to offer shares to the public, along with other casinos such as MGM Resorts and GVC Holdings. GVC announced its intention to invest $250 million in online gaming. Other companies are also shifting their focus to online casinos and sports betting.
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