Can Online Gambling Save Atlantic City Casinos From the Coronavirus?
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The Super Bowl helped Atlantic City casinos earn another big month in sports betting for February. The state has ordered all casinos closed until further notice due to the coronavirus outbreak. Online poker and casino games will have to carry the load. Sports betting has been the growth vehicle for Atlantic city since it was legalized in 2018.
Atlantic City casinos and racetracks won $287 million in February. Internet gambling made up 18% of the total, sports betting 6%. The Meadowlands Racetrack in New Jersey made over $10 million. The Golden Nugget's online casino generates more revenue than its retail casino. The sports world has come to a standstill as major league baseball, basketball, and soccer all suspended their seasons. College basketball's March Madness tournaments have also been cancelled. Some casinos are well positioned to capitalize on internet gaming's new role. But some are not prepared for the coming shock.
Atlantic City casinos lost 80% of their business due to the coronavirus outbreak. Internet gambling and sports betting brought them some extra business.
