One of the major factors for the decline registered in the casino industry of Atlantic City which resulted in the closures of five gambling venues in the period from 2014 to 2016 was competition from neighboring states, and especially the state of Pennsylvania.
Some experts would probably say that one of the most popular casino resorts worldwide has been on its way back to its former glory, adjusting its existing offerings to match expectations of its customers. Things were made even easier for the gambling industry as online gambling was officially introduced in 2013, and this year’s decision of the US Supreme Court to greenlight sports betting has facilitated the situation for gambling companies even more.
The beginning of the National Football League’s 2018 season in September was marked by almost US$184 million bet on sports in New Jersey. In comparison, the amount bet only one month before that, was almost two times lower, equalling approximately US$96 million. The first nine months of 2018 brought online betting revenue which was almost 18% higher than the one registered in the same period a year earlier.
Market experts, however, are yet unsure for how long can Atlantic City keep this pace up, especially considering the fact that neighboring states are also considering gambling expansion. The state of Pennsylvania also has plans to start offering sports betting in the following months and to legalize online gambling sometime in 2019.
Pennsylvania Set to Unveil New Gambling Services Soon
According to experts, the expansion of the existing gambling market in Pennsylvania with sports betting and online gambling may see some players prefer the soon-to-be-available new gambling options in Pennsylvania.
Still, considering the close proximity of the state to Atlantic City, the inflow of new players could also be beneficial for the gambling mecca of New Jersey. What is more, the willingness of gambling operators to get more gambling licenses may limit any potential blow for Atlantic City, too. Some of the operators that already own a gambling venue there, such as MGM Resorts and the Golden Nugget, are also seeking to get online gambling licenses in the state of Pennsylvania.
For a few decades, Atlantic City had the region’s gambling market pretty much to itself. However, things are changing lately, so it would be forced to face some competition from the Keystone State after the latter legalizes sports betting and Internet gambling. For the time being, there are some restrictions on sports betting and online gambling in New Jersey, with the only ones allowed to take advantage of these gambling options are only people who are physically present within the state. The same restrictions are expected to apply to Pennsylvania’s expanded gambling market.