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New Jersey Online Gambling Sets Record Revenue in July
- August 26, 2019 By Oliver Young -
Remember when New Jersey reached passed the record revenue of $39.1 million in March? Well, it beat it in only 4 months. The online gambling revenue in New Jersey reached $39.9 million in July this year, beating previous records set in March and October. Even better, the revenue is 52% higher than the revenue generated in July 2018 which means only one thing – people in NJ love to gamble online.
An Impressive New Record
Most of the revenue was generated by the Golden Nugget which itself set a new monthly record of $14.9 million. Resorts Digital Gaming came in second at $6.8 million, while Caesars Interactive generated revenue of “only” $5.08 million.
Although Caesars didn’t break the top revenue casino rankings this month, it collected over $800,000 in poker, just enough to sit at the top of the online poker ratings.
The record-setting July yielded nearly $40 million for NJ’s top-rated casinos, once again showing that the march of online casinos is unrelenting. With records being broken every few months, it’s just a matter of time before we hit the $100 million mark. That would really be something.
Sports Betting Slows Down
Although online gambling in general has raced up, sports betting has been on a downward path. Since the state legalized online sports betting a year ago, July has been the month with the lowest revenue ($251.3 million). This, however, is most likely triggered by the fact that July is typically a low-betting month. The revenue will surely go up as the “betting season” approaches, with the new football season starting on August 31 and most big soccer leagues around the world having already started at the beginning of August.
Since breaking the $20 million plateau a year and a half ago, no one really expected online gambling to hit its stride yet again. To the surprise of many, not only did it break the ceiling, it also went up significantly, with record months in October 2018 and March this year.
The overall revenue in 2019 is up by a whopping 55%, while statistics from the show that the revenue generated by online casinos is up by over 60%. Even though online poker had a good month, the revenue generated by the card game is on the decline.
All of this shows that New Jersey’s decision to take a gamble on online gambling is paying off in a big way. With new online casino opening up by the day and a variety of tournaments on the way, the revenue will surely grow bigger soon.
The only surprising thing is the low rank of popular casino such as Hard Rock, which generated just under $2 million in July. However, we expect the popular casino to be back among the leaders soon enough.