Record Revenue Earned by New Jersey’s Online Gambling Market
The legal online gambling industry in New Jersey has made record profits in March. Compared to the same period last year, online gambling operators made 53% more. According to the New Jersey Division of Gaming Enforcement (DGE), there was over $39.1 million that was generated over the month of March. March’s revenue is also over $5 million more than the previous best which was set in January 2019. This is welcomed news because New Jersey has been at the center of radical changes in online gambling law.
What Brought on the Increased Online Gambling Revenue?
It seems New Jersey online poker managed to keep its losses at a controlled level. Online poker revenue only dropped 3.2% to $1.9 million. The online casino industry as a whole in the state, skyrocketed 57.7% to over $37 million. The first three months of 2019 have been marked by improvements in profits for New jersey’s online gambling industry. Although January 2019’s yearly percentage gains were higher at 58.5%, March’s increase was higher in dollar figures.
Revenue Increases by Various Online Casino Operators in New Jersey
Atlantic City’s Golden Nugget casino group was ahead of most online sites, collecting a spectacular $14.2m of online gambling revenue in March. In 2016 $14.2 million is the amount that all of New Jersey’s online casino vertical collected in revenue and yet this year it’s the profit of one part of New Jersey casino industry. This figure is over 60% higher than what the casino group grossed same time last year and a whole $2 million more than their best profit mark.
Other notable gains were by Resorts Digital Gaming, who doubled their revenue from the same time last year. They recorded almost $8.5million in income and over $600,000 of that amount came in through online poker. Resorts Digital great performance is also due to their collaboration with the sports betting DraftKings which operates on Resorts’ licence. Borgata and Caesars also had some significant gains of $5.44 million and $5.13 million respectively.