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Online Betting Helps Lessen Atlantic City's Financial Losses

Online gambling may be underperforming in New Jersey, but that hasn't stopped the activity from helping aid Atlantic City casinos from taking a bigger hit in the financial department.

In August online gambling contributed $10.5 million to the eleven Atlantic City casinos still open for business. The numbers were up $500,000 from the month before and helped the state's casinos post just a 1.2% loss over the same period last year.

For the month casinos in Atlantic city brought in $294.4 million in revenue, but that number was down from $298 million in August 2013.

The Borgata was the biggest performer for the month, bringing in $65.8 million (up 5.2%), while the Tropicana hauled in $31.3 million (up 46%) and the Golden Nugget won $16.7 million (up 34%).

For the year, Atlantic City casino revenue is down 6.3% to $1.85 billion.

It is unknown how legal sports betting will affect New Jersey's casino operations, but it is thought that the wagers could bring a significant boost to the state's coffers.

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