Online NJ Casino Industry Going to Have a New Big Player – MGM
From the recent reports, MGM is taking the casino world news by storm, when it presents itself as a competitor to the already thriving gambling market. MGM Resorts International will be the 21st addition to the websites in New Jersey dedicated to gambling. However there are many other big players in the market already such as Betfair.
MGM already owns a casino in Atlantic City, called the Borgata Casino, and is now collaborating with GVC Holdings PLC to build up this site that will control their stake in the casino world of NJ.
Corey Sanders, MGM’s spokesperson in this issue (who is also the chief operating officer with the corporate giant), has been quoted as saying that this is a historic moment for MGM as it is going to take its next step in creating a website that will be taking the brand name forward through the real-money site that will promote poker and casino. He has also conveyed that GVC has been a first rate partner for them, and MGM is looking forward towards the success of this venture. The partnership will be taken forward to the next level with the opening up of the new, regulated markets in the US dedicated to casinos and poker, they are hopeful.
Figures and statistics
After Delaware and Nevada, New Jersey is only the third state that offers such unrestricted organizations of casinos. Other states have been thinking of legalizing this, but have not worked on it for now. Play MGM will be the sixth functioning site for MGM under the Borgata license and this would take the corporate giants forward to even more wealth.
The online market has been steadily growing in New Jersey after its advent in November 2013, and such is the case now that the monthly highs and lows of this market depends on the money the casino wins back from the large number of gamblers who take part in this form of legalized, safe and convenient gambling. For the first time in ten years, in 2016, the gambling industry had an increase in revenue when it increased by a huge 32% and the revenues shot up to 197$ million, and all thanks to the money invested by the online users of these websites.
Internet gambling, since its beginning has brought in astounding figures which is around 536$ million when the five licensees of NJ are added up. The affiliates, Borgata, Ceasars, Tropicana, Resorts and Nugget have made so much money online that they have paid taxes of 93$ million, which is a considerable amount if one goes by the online earnings of these casinos.
Chris Grove, an online gambling analyst, said in a recent report on the betting industry of the state that this has been a huge turnaround for the gambling industry as a whole, and this, although a dramatic event and not to say largely unexpected, has turned the gambling arena into a regulated market which is, in its turn, bringing in great dividends for the casino owners.
March has seen a great turnaround, registering a profit hike of 40% from last years’. April is hopeful.