New Jersey online casinos hit $20 million in monthly revenue

Business News

New Jersey’s online casinos once again displayed strength in September, surpassing $20 million in monthly revenue for the seventh consecutive month and hitting key milestones that show gaining momentum for the still-young industry, according to analysts from PlayNJ.

The state’s regulated online casinos combined to generate $20.4 million in September, according to the New Jersey Monthly Internet Gross Revenue Report, released Thursday by the state’s Division of Gaming Enforcement.

“Online gambling now accounts for some 10% of all casino revenue generated by Atlantic City casinos, which is a staggering total for such a young industry,” said Steve Ruddock, lead analyst for PlayNJ. “The bottom line is that legal online gambling has become an incredibly competitive market with many winners, and that has undoubtedly been a boon for New Jersey.”

The September total is down slightly from the $21.3 million generated in August, but up 26% from $16.2 million in September 2016. Online casinos generated $657,799 per day during the 31 days in September compared with $709,296 per day during the 30 days in August.

New Jersey’s online casinos have generated $183.7 million in gross revenue through 31 September, putting the industry on pace to reach a quarter of a billion dollars in gross revenue for the year. If the trend holds, it would shatter the $196.7 million that the industry generated in 2016.

New Jersey’s online casinos also leaped past the $650 million milestone in September, collecting a staggering $661.3 million in lifetime gross revenue, which combines the revenue from both online casino games and poker.

In doing so, online casinos have generated $115.7 million in tax revenue for the state since the industry was legalized and regulated in November 2013.

“Online gaming has been the proverbial rising tide for Atlantic City casinos,” Ruddock said. “Once struggling, Atlantic City casinos are now the healthiest they have been in years, and the legal online gambling market has played a critical role in that revival.”

Some other key points from the September report:
New Jersey online casinos collected $3.6 million in tax revenue in September.

In 2017, New Jersey’s online casinos have averaged $20.4 million per month in gross revenue, up from $16.4 million per month in 2016.

With $1.9 million in September, New Jersey online casinos have surpassed the $100 million mark in lifetime revenue with $100.6 million since November 2013.

Golden Nugget Atlantic City, home to the Golden Nugget Casino, Betfair Casino and SugarHouse Online Casino brands, amassed $5.7 million in gross revenue to lead all licensees in September.

Borgata Hotel Casino & Spa, home to the Borgata Online Casino, partypoker New Jersey and Pala Casino online brands, generated $4.2 million in September. An early adopter of legal online gambling, Borgata remains the leader in total gambling win at $176.5 million.