New Jersey’s Internet Gambling Revenue Soars By 53%

New Jersey’s Internet Gambling Revenue Soars By 53%

Division of Gaming Enforcement in the state of New Jersey released the January revenue report for the nine casinos in the jurisdiction on Wednesday, February 13. The report indicates that January was a profitable month for the casino and gaming industry in the NJ, but online gambling recorded higher gains that land-based casinos, mainly because of bad weather.

Atlantic City casinos – Golden Nugget, Ocean Resort Casino, and Hard Rock Hotel Casino – recorded the highest revenue, with their collective earnings surpassing $220.6 million. The figure indicates a 19.7% increase up from $184.3 million collected in January last year. This tremendous growth can be attributed to the launch of Ocean Resort Casino and Hard Rock Hotel Casino which opened in June last year.

Internet gambling and sports wagering revenue sets record

Regulated online wagering has been legal in NJ since 2013, and the State will always be remembered for challenging the PAPSA Act which had prohibited online sports betting across the country since 1992. New Jersey was one of the first jurisdictions to institute legal online sports wagering post PAPSA and the market has been a great boost to the state’s revenue since the first bookie went live in August last year.

The revenue collected by NJ online casinos in January was just over $33.5 million, which is an all time high for the state. The market has never cracked the $30 million mark since its inception in 2013. In January last year, the total revenue collected from online casinos was $22, which means that New Jersey’s online gambling revenue soared by an incredible 53% in January 2019.

Golden Nugget tops the list in online wagering

Golden Nugget was ahead of the pack of online operators in NJ. The online casino recorded a whooping $12,180,039 in revenue last month which marks a positive growth of 66.9% from December last year. The amount is almost double the revenue generated by its closest rival Resort Digital which earned $6,446,599. Other online gambling licensees also recorded solid numbers across the board. Ceasars Sports, for example, enjoyed a 36.5% revenue increase with $4,573,663, while that of Borgata was 14.2% after generating $4,742,496.

Leave a Reply

Your email address will not be published. Required fields are marked *