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Casinos in New Jersey saw a 24% plunge in sports betting revenue for June, according to figures from the New Jersey Division of Gaming Enforcement. The regulator’s report also revealed that overall state figures fell by 9.5%. Interestingly, New Jersey’s gambling revenue, including in-person and online gambling, rose by 7.4% to $491 million.
New Jersey is a choice destination for gambling lovers within and outside the US. Nonetheless, numbers recorded by casinos and online betting platforms are likely to swing month-on-month due to varying factors, including economic, social, and competitive elements, as well as market trends. Nevertheless, many still see gambling as a preferred leisure activity but also an avenue for earnings, similar to investments in cryptocurrency. While some prefer to deposit funds into the next crypto to 1000x based on each coin’s potential, some take their chances at the poker or roulette table.
According to Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, the 24% plunge in sports betting revenue is surprising at first glance, mainly because of the “recent positive performance from that sector.” However, she noted that the decline is likely because of “odds set by the oddsmakers, the bets made by the public, and the outcomes of live events.” In conclusion, Bokunewicz said that the nature of gambling activity is such that there will always be some variability.
The figure reported by the New Jersey Division of Gaming Enforcement also shows a 23.9% decrease compared to the same period last year. Corroborating Bokunewicz’s opinion, Mark Giannantonio, the president of Resorts Casino, and also the Casino Association of New Jersey, said the decline is “mainly poor luck.” While Resorts Casino’s sports betting revenue fell by $34% to around $99,000, that of the online arm, Resorts Digital, fell 43.3% to $14.3 million. Despite the decline, these figures could increase over time if player behavior changes.
A potential influencing factor is a policy change that supports crypto gambling in New Jersey. Already, digital assets are becoming popular in the country because of the upcoming elections and each candidate’s position. Republican candidate and former President Donald Trump has won the support of the cryptocurrency as he has repeatedly pledged his commitment to the industry. A Trump win could pull crypto-focused players into the gambling sector and make way for establishments that support cryptocurrency wagers.
Trump has repeatedly dabbled into cryptocurrency and launched his own collections of non-fungible tokens (NFTs), with a fourth one on the way. In a recent Bloomberg interview, he spoke about how 45,000 sold out in one day, much faster than the initial plan to sell over a year.
On policy, Trump has criticized the Biden Administration for its unsupportive position on digital assets. At a recent Bitcoin 2024 Conference in Nashville, the former president promised to fire Gary Gensler, the United States Securities and Exchange Commission (SEC) chairman. Gensler is a controversial figure in the crypto space because of the SEC’s enforcement action in the crypto space.
On the other hand, Democratic candidate Kamala Harris has not backed the crypto sector. Nevertheless, reports suggest that pro-crypto Democrats are pressuring Harris to adopt a supportive digital asset policy and not yield the issue to Trump. According to reports, Harris’ campaign team has already reached out to major crypto giants, including Coinbase and Ripple. If Harris also creates supportive policies, the gambling industry could significantly benefit from cryptocurrency regardless of the winner in November.
