Within three years of its launch in late November 2013, the NJ online gambling industry in the New Jersey hit a major milestone.
The gaming operators in New Jersey hit a new high with lifetime revenues surpassing a half-billion dollars. This is truly an achievement for the state’s nascent and controvertial online gaming industry. This will surely put away all the allegations that say online casinos have been a revenue failure for the state and its casinos, and may open up more US state to regulate and legalize onlince gambling.
A Look at February 2017 NJ Online Casino Revenue
Below are the top line numbers from the New Jersey Division of Gaming Enforcement’s recent monthly revenue reports:
Total gaming revenue, poker, and casino experienced a considerable year-over-year increase in the abridged month.
As the chart below clearly reads out that the online gaming industry in NJ has not seen a year-over-year decline in any month.
February 2017 Revenue Compared to January 2017
NJ online gaming operators generated $18.7 million in February, falling just a bit shy of the $18.8 million revenue record set in January.
But, on calculating as per days, February 2017 easily defeated January 2017, by around $60,000 on daily basis:
Daily revenue January 2017: $607,100
Daily revenue February 2017: $668,646
The online gaming operators generated around $2.8 million as tax revenue for the state of New Jersey in February 2017. With this, the numbers are expected to surpass $100 million in taxes paid since launch.
Market Share Analysis: Golden Nugget Extends Lead
Golden Nugget’s monthly revenue rocketship would have been the big story had the industry not surpassed $500,000,000 in total revenue since launch this month. Golden Nugget NJ did $5.1 million in revenue in February, a noteworthy achievement, which represents 27.3% of the total market, and includes revenue from Betfair Casino and Pala Casino. Golden Nugget NJ is the only site in New Jersey that offers live dealer games, and this just may be why they've separated from the pack now.
February 2017 has proven to the be month of Golden Nugget, with 27.3% of Revenue, but going back to just May 2016, you'll see that Borgata was the clearn market leader in New Jersey:
Casino By Casino Analysis
Resorts Casino Stays Above $3 Million
Despite dissatisfying poker and casino revenue in February, Resorts stayed above the $3 million mark.
Walking in the footsteps of Tropicana, Resorts has sort of settled around the $3 million mark.
Borgata Jumps Back To #2
As compared to January, Borgata didn’t have a satisfying month on the poker side of the ledger, because it was down by 10 percent.
The slight increase in casino revenue, which was driven by one of the three online operators kept the total revenue steady month-over-month.
Golden Nugget Eclipses $5 Million
The model of Golden Nugget as an online gaming operator is simply remarkable.
Regardless of its late start, Golden Nugget has managed to surpass $5 million monthly revenue.
Tropicana Ticks Up
Aside from Golden Nugget, Tropicana is one of the online gaming operators that has managed to generate month-over-month revenue.
Even with 5.5 percent MoM growth, the casino continues to struggle to sustain any consistent growth to reach the $3.5 million milestones.
Topping the charts with $4 million in January, and continuing to enjoy a comfortable position for several months, Caesars fell in February with 13 percent month-over-month revenue down.
Keeping the above statistics in mind, we can say that a huge jackpot is to be put at blame for all of the casino’s decline, considering the very fact that revenue on the casino side was an outlier as compared to the other gaming operators, falling by 15 percent.
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