What a month that was! Apart from all of the headlines and stories based on the new additions to NJ online casinos, brick and mortar casinos and sports betting that have been made in the month, the big news is that New Jersey’s online gambling industry has just had its biggest ever month as it collectively brought in a little under $26 million.
This equates to an increase of 25% over what it made in July of 2017. What makes this record-breaking achievement even more remarkable is that it managed to achieve this despite online poker falling almost 8%.
Let’s take a look at the highlights from the monthly reports on the revenue reports from the Garden State’s online gambling industry from the New Jersey Division of Gaming Enforcement:
As we mentioned earlier, New Jersey’s online poker industry continues to struggle and has dropped by a further 8% during the month of July. What is most alarming is that this drop is despite the agreement that merged three different states – New Jersey, Delaware, and Nevada into a single market for online poker. However, rather than a huge increase in the numbers, there has been no real growth to speak of. Online poker is a problem that few expected it to be upon its launch. And it seems as if it is a problem that the NJ operators have no answer to at the moment.
The silver lining, apart from the success story that NJ sports betting seems destined to become, NJ online casinos continue to be the geese laying the golden eggs as they seem to carry an entire industry. 2018 is just the latest in a list that goes back many years where the month of July brought the growth of more than 10%.
The landscape of online gambling in the Garden State has changed dramatically over the last few weeks and months. Most notable was the was the two big casinos that recently opened their doors on the famed Boardwalk of Atlantic City with Ocean Resort Casino and Hard Rock Atlantic City, who both chose to launch to the public on the exact same day. This is you can expect, created a bumper weekend, the likes of which we might never see again.
July was the first full month since these two new casinos were introduced as the newest NJ online casinos. It was also the first full month of sports betting revenue since it was introduced.
Thanks to both the continued excellent growth from NJ online casino (including the likes of Golden Nugget Online Casino) and the additional revenue that came from sports betting, which is said to add just under $4 million, the online gambling market in the Garden State managed its first score of more than $300 million since their heydays on 2010.
If July was great then August could just prove to be an exceptional month for online gambling in New Jersey thanks to sports betting and its continued proliferation of new operators.
Early August is expected to be the launch date of a brand new online sportsbook courtesy of DFS giant DraftKings and their partner Ocean Resort Casino, which is expected to add a significant boost to the revenue numbers for online gaming in August.
Cited as an example of why other states should introduce legalized and regulated online gambling, its industry has never experienced a year-over-year decline in any month since it was first introduced.
Golden Nugget Online own a massive 36% share of the online gambling market, a share almost 3 times bigger than the nearest competitor, Borgata. So large is their leader if this was an actual race they would be seconds away from lapping Borgata. For the third time. July was another record-breaking month for Golden Nugget Online Casino – they are the only online casino to bring monthly revenues of $5 million, $6 million, $7 million, $8 million and now $9 million.
Once the bride, now always the bridesmaid, Borgata was the colossus in the early days of NJ online casinos. Once they ceded the top place to Golden Nugget Online Casino, it seems increasingly unlikely that they would ever regain it. In fact, there was even a time when they looked as if they could even slip down to 3rd. Luckily, they managed to pull themselves up by their bootstraps and have now made the position their own.
Thanks to the $4.93 million in revenue they brought in during this past month of July, Borgata almost became the second of the NJ online casinos, behind Golden Nugget Online Casino, to bring $5 million in monthly revenue.
With being the only one of the NJ online casinos with their sportsbook, DraftKings Sportsbook, up and running in the market, the online arm of Ocean Resort Casino brought in almost $4 million in July and you can expect to see a significant boost in their revenue numbers for August.
July was not a particularly good month for Caesars. But then it also wasn’t a particularly bad month either as their revenue for the month tops out at $3.8 million, 18% year-on-year increase. In a month where frontrunners all boasted impressive gains, Caesars was merely … meh.
If slow and steady wins the race then Tropicana would be smiling but that’s not how casinos, especially in a growing market, work. The truth of the matter is that with R3.3 million in revenue for the month, they are essentially in last place with the only casinos behind them being the newbies.
With their first full month under their belt, Hard Rock Online Casino, one of two the two new NJ online casinos brought in $330,000 in revenue.
Bringing up the rear in the monthly race for revenue among the NJ online casinos is Ocean Resort Casino with $250,000.