New Jersey's online gambling industry smashes monthly revenue record in March
13 Apr 2018
“The revenue records grab headlines, but the story doesn't end there,” said PlayNJ.com lead analyst Steve Ruddock. “Online gaming is increasingly important to the bottom line of every casino operator in New Jersey. It was a key factor in the gaming industry’s 23.7% increase in gross operating profit in the fourth quarter of 2017.
“Consider Resorts Casino, where online gambling makes up an ever-larger share of its overall business,” Ruddock said. “Its online gross operating profit of $14 million in Q4 2017 constituted 38% of its total profit.”
New Jersey online casinos generated $25.6 million in gross revenue in March, according to New Jersey’s monthly Internet Gross Revenue Report, released Thursday. That is up an incredible 16.3% from the record $21.99 million that New Jersey’s online casino hauled in February. March’s mark was up 17.6% from $21.7 million in March 2017, which was the industry’s monthly benchmark until it was surpassed in January.
The first three months of 2018 have brought the three highest revenue totals since New Jersey legalized and regulated online gambling in late 2013. New Jersey has now amassed $69.5 million in total revenue this year, up 17.3% from $59.3 million in Q1 2017.
“Bryce Harper isn't the only batter who's started the season on fire; New Jersey's online casinos are 3-for-3 with three homers in 2018,” Ruddock said. “Online casinos were able to produce another incredible month of revenue as the market for these games continues to grow. Few obvious signs of a slow down exist.”
Individual online casinos hit significant thresholds, too. The $4.6 million in March revenue generated by Borgata Hotel Casino & Spa — home to the Borgata, playMGM, Party and Pala online brands — made the license holder the first to surpass $200 million in total gaming win ($201.8 million).
Market leader Golden Nugget — home to the Golden Nugget, Betfair and SugarHouse online casino brands — became the first license holder to generate more than $8 million in a single month in March. Its $8.7 million in March revenue was up 9.8% from $7.9 million in February. The Golden Nugget is closing in on the $200 million mark, too, with $184.3 million in lifetime revenue.
“The Golden Nugget has become a bellwether for New Jersey. As it goes, so goes the state's legal online gambling industry,” Ruddock said.
Some other important metrics from the March report:
With March’s total, New Jersey is on pace to tally $278.1 million for the year. After starting the year with $722.4 million in revenue since the industry was born in November 2013, the $1 billion mark is in reach by the end of 2018.
The per-day pace in March was accelerated even after a blistering February. The industry generated $825,168 per day in the 31 days of March, up from $785,433 per day in February.
New Jersey online casinos paid $4.5 million in taxes to the state in March. Since New Jersey legalized and regulated online gambling, the Garden State’s online casinos have generated $138.6 million in tax revenue for the state.
Online casino games generated $23.6 million in March, 16.8% from $20.3 million in February.
Online poker brought in $1.97 million in March, up from $1.8 million in February.