Expanded online gaming & legalized sports betting in New Jersey will be great for the Casinos, but bad for Atlantic City residents. That’s the general consensus from those watching the upcoming hearing that will likely overturn the current ban on sports betting in NJ and most states in the country.
Are we seeing early signs? The Borgata posted a monthly decline in OCT, down 7.4% to $59.4 million. In total, Atlantic City’s 7 remaining casinos posted a 0.3% revenue decline in Oct.
It was online casinos that saved the day for AC, with an eye-popping take of $20.5 million. Internet gambling in NJ is up over 23 percent since October 2016. Great news for the casinos and the NJ State treasury, but lousy news for Atlantic City residents, employees and non-casino business operators.
Bad for Atlantic City.
- Online casino gaming and online sports betting
- Un-constitutional PILOT Bill
- Confiscation of Luxury Tax monies
- Pissing away of millions by the CRDA
- Poorly it, dark & dangerous tourism district
- Tennessee Ave crime & needle-exchanges
- AC as county dumping ground for ex-offenders
Internet gambling is currently legal in 3 states. That number may increase to 4, then potentially soar if the sports betting ban is lifted later this month. A 1992 law bars state-authorized sports gambling with exceptions for Nevada, Montana, Oregon and Delaware.
David Schwartz, a gaming research guru at the University of Las Vegas-Nevada, says online gaming and sports betting go hand-in-hand online. “It makes sense to offer sports betting over the internet,” he said. “Once you have the systems for letting people bet on sports in place, it isn’t a huge step to permit them to bet on casino games or poker as well.”
The Supreme court may soon legalize sports betting, which could then boost internet gambling. This would benefit Atlantic Casinos, but hurt non-casino business, employment & home-owners in AC.
Who will benefit the most from online gaming & sports betting? Casino operators, sports leagues, sports media, state governments, platform providers, service providers, and customer acquisition platforms.
Online casinos and sports betting will not create jobs or boost Atlantic City tourism. Elected officials, both municipal and NJ State, have failed the citizens of this great town.
If the Supreme Court strikes down the anti-sports betting law, New Jersey, along with dozens of states could quickly make it legal. Monmouth Park has already prepped for an overturn of that law, by preparing to convert their sports lounge into a sports betting parlor.
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Americans illegally wager about $150 billion on sports each year.
Will all this online gaming keep people home and away from Atlantic City? Most think so. Except for the Casinos and connected politicians who love idea. With Atlantic City’s economy still teetering, it’s foolish to think online gaming, and expanded Pennsylvania betting won’t hurt AC. When many on City Council are stoned on legal weed, we think the situation will only get worse. (not that they need marijuana to be in a complete fog)
Those South Jersey politicians kept us in the dark. Worried me sick about North Jersey casinos, as they kept quiet about Atlantic City’s real threat: online gaming, online sports betting and Philly / Pa. casino growth.