New Jersey’s legal online gambling industry obliterates monthly revenue record with $25.6 million in march

Business News

New Jersey’s legal online gambling industry closed a record-setting quarter with a record-shattering March, continuing to buoy the state’s gaming industry, according to analysts.

“The revenue records grab headlines, but the story doesn’t end there,” said 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 percent increase in gross operating profit in Q4 2017.”

 New Jersey online casinos generated $25.6 million in gross revenue in March, up 16.3 percent percent from February’s $21.99 million.

New Jersey has now amassed $69.5 million in total revenue this year, up 17.3 percent from $59.3 million in Q1 2017. The three months of 2018 represent the three highest monthly revenue totals since New Jersey legalized and regulated online gambling in 2013.

“Online casinos were able to produce another incredible month of revenue as the market for these games continues to grow,” Ruddock said. “Few obvious signs of a slow down exist.”

Borgata Hotel Casino & Spa became the first first license holder to surpass $200 million in total gaming win ($201.8 million) after generating $4.6 million in March.

The Golden Nugget posted a record $8.7 million in March, up 9.8 percent from $7.9 million in February.

“The Golden Nugget has become a bellwether for New Jersey. As it goes, so goes the state’s legal online gambling industry,” Ruddock said.