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New Jersey Online Gambling Revenue Soaring
- June 18, 2018 By Oliver Young -
May has been an excellent month for the online gambling industry in New Jersey as the sector has scored its second-best results ever recorded in the Garden State.
Namely, according to the report released by the New Jersey Division of Gaming Enforcement (NJDGE), the operators generated high revenue of $24.3 million during the last month. This figure is 15.3% higher than the one noted in May 2017 and modest $1.3 million lower than the high-scoring month ever i.e. March 2018.
Ever since the state legalized online gaming within its borders, New Jersey has been recording excellent results. For example, back in October 2017 the iGaming sector in the Garden State was boasting with massive revenue as well; namely, during that month, the combined revenue of all New Jersey online gaming operators was $20.4 million, whereas the state never noted any y-o-y decline during the entire 2017.
Commenting on the report, the chairman of the New Jersey Casino Control Commission said that “somebody was lucky in May” and highlighted that he wasn’t referring to casinos. After all, casino win was seriously down during the month as the tables proved interestingly lucky, resulting with players keeping much more of their money.
Casino Revenue Drops While Online Revenue Jumps
The trend of decreasing casino revenues and growing online revenues seems to be present in May 2018. The total casino win revenue dropped from $208.3 million in May 2017 to $193.3 million this May; the change notes a 7.2% loss y-o-y. Consequently, the total gaming win in New Jersey also noted a fall of 5.1% from $229.3 million to $2017.6 million. In this sector, however, slot machines win did manage to jump for modest 0.8% reaching $145.1 million in May 2018.
US online gambling operators, on the other hand, didn’t seem to have this issue. On the contrary, iGaming revenues improved for impressive 15.3% and reached $23.3 million. Moreover, this figure is expected to only grow as online sports betting has already been launched in the Garden State.
Golden Nugget Boasts with the Best Results Once More
Unsurprisingly, the operator that scored the best results this May was the Golden Nugget. Its online gaming operations managed to collect $8.6 million in May 2018, a figure that is improved than the one noted in April 2018 for $470,000. Moreover, this figure is only $50,000 lower the operator’s all-time record revenue recorded in March.
Borgata came second on the list of best-performing operators with almost $4.6 million; it is interesting to note that almost $443,000 from that figure came from online poker. With $4.1 million, Caesars Interactive Entertainment came third. The operator noted a significant $600k improvement in online poker revenue in comparison to April; in May poker revenues for Caesars reached $770,000.
The fourth and fifth places are reserved for Resorts Digital Gaming and Tropicana, respectively. The first operator scored $3.6 million, whereas the second came hear with its $3.4 million. It is important to note, however, that almost $717k from Resorts Digital Gaming’s revenue came from its partner PokerStars NJ.