New Jersey Online Gambling Revenue Soaring [...]
New Jersey’s iGaming Sector Continues Its Growth
- October 18, 2017 By Riley Wilson -
Good news arrives from the Garden State since the recently published report shows another successful month for USA online casinos in New Jersey.
September was the seventh month in a row that regulated online casinos managed to gross more than $20 million. On top of that, the New Jersey online gaming industry hasn’t experienced a year-on-year decline in any month of 2017.
As Matthew B. Levinson, Chairman and Chief Executive Officer of the Casino Control Commission said, this was a testament to the increasing popularity of iGaming among the players in New Jersey.
Online Gaming Becomes More Competitive
According to the report published last week, New Jersey’s regulated online casinos recorded a combined revenue of $20.4 million during the last month. That’s around $658,000 on a daily basis!
It’s around $1 million less than the sum generated in August, but a neat 26% year-on-year increase.
Online casino revenue accounted for more than 90% of the sum earned in September ($18.5 million), while online poker took home $1.9 million.
These are excellent results for such a young industry, and the numbers are a proof that iGaming is becoming more and more popular.
Steve Ruddock, lead analyst for PlayNJ.com agrees with these claims. Ruddock said that legal online gambling had become an extremely competitive market, which could be beneficial to the state.
Ruddock emphasized the fact that online gambling accounted for some 10% of all casino generated by Atlantic City casinos – an excellent achievement for such a young industry.
An Excellent Year
2017 has been a great year so far. During the first nine months of the year, online casinos in New Jersey took home a gross gaming revenue of $183.7 million. Judging by the current trend in monthly revenue, reaching a quarter of a billion dollars by the end of the year doesn’t look that far-fetched.
At this point, it’s more than reasonable to assume the industry will shatter the last year’s result of $196.7 million.
Another important milestone was passed in September. The industry managed to exceed $650 million in gross gaming revenue, collecting a total of $661.3 million since the legalization of online gambling in the state.