New Jersey online casinos surpass $600 million milestone
14 Aug 2017
During a month in which two new online casinos entered the New Jersey market, playMGM Casino and Scores, the state's regulated online casinos combined to collect $2.6 million in gross revenue, according The New Jersey Monthly Internet Gross Revenue Report, which was released Monday by the state's Division of Gaming Enforcement. The total tax revenue generated since 2013 pushed higher, too, to $108.1 million.
"Stuffing state and local coffers with over $100 million in tax revenue certainly drops the curtain on any lingering revenue concerns," said Steve Ruddock, lead analyst for PlayNJ. "The momentum is building, too. While states such as Pennsylvania drag their feet on legalizing online gaming, companies of all stripes are flocking to the Jersey Shore to grab a piece of the online gaming action."
July marked the fifth consecutive month that New Jersey's online casinos have generated more than $20 million in gross revenue. With 31 days in July, including the July Fourth holiday, the month's gross revenue total was up from $20.2 million in the 30 days in June and $20.8 million for the 31 days in May. That works out to be $664,049 per day in July, which had 10 weekend/holiday days, down slightly from $674,447 per day in June.
Individual casinos posted milestone months, too. Golden Nugget Atlantic City, home to the Golden Nugget Casino, Betfair - New Jersey and SugarHouse Online Casino brands, pulled in $6.25 million in gross revenue to once again lead all operators. By doing so, the Golden Nugget became the first licensee to surpass $125 million in lifetime revenue from casino games.
"The Golden Nugget's success is testament to the great equalizing power of online gaming," Ruddock said. "On the internet, a small casino can compete with casinos two or three times its size."
Some other key points from the July report:
- New Jersey online casinos collected $3.6 million in tax revenue in July.
- Combined, New Jersey's legal online casinos equate to the fifth-largest casino in Atlantic City in terms of gross revenue.
- Borgata Hotel Casino & Spa, home to the Borgata Online Casino, Party Poker and Pala Casino online brands, generated $3.8 million in July. An early adopter of legal online gambling, Borgata remains the leader in total gambling win (which includes casino games and poker) at $167.98 million.
- With $3.2 million in July, Caesars Interactive Entertainment, which includes the Caesars, Harrah's and 888 brands, surpassed $130 million in lifetime win.