The betting markets is one of the fastest growing after the pandemic; in fact, that period did not affect it much, and now it is growing at astronomical rates. Despite the economic downturn caused by Covid-19, the online gambling sector remained resilient, with many businesses seeing a surge in activity as people sought entertainment during lockdowns. As online gaming becomes more accessible and widely accepted, betting markets have seen a dramatic increase in their customer base.
This has been further bolstered by an increasing number of countries legalizing forms of online gambling – from traditional sports betting to virtual casinos and card games.
This has opened up new markets for operators who can now reach customers worldwide. Furthermore, technological advances have created more immersive experiences for bettors who have encouraged even greater participation.
New Jersey gambling revenue
New Jersey Division of Gaming Enforcement released revenue data in 2022, which reached $5.21 billion, matching its all-time high. In addition, this revenue represents a growth of 10% compared to the previous year.
Casino games, horse races, and online betting were the most used by bettors in the state in 2022.
These numbers have not been seen since 2006, when revenue exceeded $5 billion for the first time, registering the highest amount in history. Subsequently, Pennsylvania activated its own betting markets, which caused the numbers in New Jersey to drop and its industry to enter a recession.
Sarah Grady, assistant director of the Lloyd Levenson Institute at Stockton University, has dedicated herself to studying the gambling industry in Atlantic City and recognizes the enormous work she has done to get the state back to a booming industry.
“It took an enormous amount of work by the casinos and state government to replicate the levels of 2006 when gambling revenue consisted solely of what was won from in-person gamblers.
“To compare these returns, it is important to consider how much the market has changed in the past 16 years. To achieve the returns we have today took a substantial expansion and diversification of the New Jersey gaming product to compete with increased competition from neighboring states,” she said, as reported by Associated Press.
Mark Giannantonio, president of the Casino Association of New Jersey, mentioned that the industry would continue working to offer a first-class betting experience.
“As we move into a new year, Atlantic City casinos are committed to providing the best possible experience for our customers, which includes making significant investments that will continue to solidify Atlantic City’s position as a world-class resort destination with top-notch dining, shopping, and entertainment offerings.”
The industry does not stop.
The betting industry is one of the most lucrative industries in the world, and it’s showing no signs of slowing down.
With more people turning to online betting sites to get their adrenaline fixed, now is the perfect time to jump on this bandwagon and create your betting site.
First, you’ll need to understand the legalities when setting up a betting website. Make sure you have all necessary licenses and permits before starting out, as well as a good understanding of online gambling regulations in your country or state.
Additionally, when creating your website, you want to ensure that everything runs smoothly and securely with no errors or glitches that could leave customers feeling vulnerable or frustrated.
Once these steps are taken care of, you can then start thinking about marketing your website.
Launching a betting site is an exciting venture, but it also requires a lot of preparation. The most important part of the process is associating with the right Pay Per Head (PPH) provider.
A PPH provider must offer all the necessary tools for successful operations, such as player-tracking software and payment processing services.
The PPH provider should quickly set up your betting site and make their services available to you from day one.
Having access to quality customer service is essential; this includes 24/7 support for any questions or concerns that may arise during operation.
Security measures should be implemented to ensure the safe handling of customers’ information and funds; encryption technology, firewalls, fraud detection systems, and backup systems are just some examples.
If you need help launching your betting site, contact the VIP Per Head team, they will guide you with everything you need to know.