NJ Golden Nugget set online gambling revenue records

Business News

With $1 billion in lifetime gross revenue within reach by year’s end for New Jersey’s legal online gambling industry, online casinos combined to set a record for monthly gross revenue.

The Golden Nugget — home to the Golden Nugget Casino, Betfair – New Jersey and SugarHouse Online Casino brands  posted the single largest monthly haul by a New Jersey online casino since online gambling was legalized and regulated by generating $7.3 million in January. And in doing so the Golden Nugget helped the state post a record $21.96 million in gross revenue and offered a blueprint for the industry, according to the analysts at PlayNJ.

“To put the Golden Nugget’s success into perspective, no other New Jersey online casino licensee has even eclipsed the $5 million threshold,” said PlayNJ lead analyst Steve Ruddock. “The Golden Nugget’s pace-setting is the result of solid management, a strong platform, and its willingness to innovate, such as the launch of live dealer games. It has created a recipe that has made the Golden Nugget the clear market leader.”

The Golden Nugget’s revenue grew a staggering 19.9% up from $6.1 million in December. As dramatic as the growth was, the Golden Nugget was hardly the lone success story in January, according to the New Jersey’s Monthly Internet Gross Revenue Report, released on Wednesday. In total, New Jersey’s online gambling industry picked up in January where it left off in 2017, posting the 11th consecutive month of more than $20 million in gross revenue.

“With January’s numbers as a foundation and more growth forecasted, New Jersey should eclipse the $1 billion mark in lifetime revenue by the end of the year,” Ruddock said. “That would be an incredible benchmark for the industry.

“More than $175 million of that $1 billion would go to the state in the form of tax revenue,” Ruddock added. “That is proof that the legal online gambling industry has become an economic powerhouse for the state.”

The industry total was up 5.8% from $20.8 million in December and up 16.7% from $18.2 million in January 2017. The $21.96 million broke the previous record of $21.7 million set in March 2017.

Already with $744.5 million in combined lifetime revenue after January, PlayNJ’s baseline projections for 2018 have online gaming revenue growing to $270 million from a record-breaking $245.6 million in 2017.

Some other key points from the January report:
Online casinos generated $708,463 per day during the 31 days in January, which included the New Year’s Day and Martin Luther King Jr. holidays. The month’s total was up from $669,601 per day during the 31 days in December.

New Jersey online casinos paid $3.8 million in taxes to the state in January. Since New Jersey legalized and regulated online gambling, the Garden State’s online casinos have generated $130.3 million in tax revenue for the state.

Despite the Golden Nugget’s success in the market, Borgata Hotel Casino & Spa — home to the Borgata Online Casino, playMGM Casino, partypoker New Jersey and Pala Casino brands — remains on pace to be the first operator to reach $200 million in lifetime revenue. After posting $4.2 million in January, Borgata has now generated $193.4 million in total gambling win.

Online casino games generated $20.01 million in January, up 6.3% from $18.8 million in December.

Online poker brought in $1.95 million in January, up from $1.9 million in December.

NJOnlineCasino’s recent white paper — “2017 Year In Review: The Performance Of New Jersey’s Legal Online Casinos” — offers a more detailed look at the New Jersey regulated online gambling industry following a record-breaking 2017.