The prior monthly record was $3.6 million less, according to a release from PlayNJ.com. Lead analyst from the site, Steve Ruddock, said this:
The revenue records grab headlines, but the story doesn’t end there. Online gaming is increasingly important to the bottom line of every casino operator in New Jersey.
This continues the streak that began three months ago when the industry surpassed its benchmarks. Golden Nugget passed $8 million in a month. Borgata Hotel Casino & Spa raked in over $200 million, just past the lifetime revenue threshold.
Q4 2017 showed the onset of online gaming
If anything, online gaming began the increase in gross operating profit in the fourth quarter of 2017 with a jump of 23.7 percent.
Resort Casino exemplifies this trend with an online gross operating profit of $14 million in the fourth quarter of 2017. Comparatively, this made up 38 percent of its overall profit.
2018 continued the trend
The New Jersey online gaming market is still growing. 2018 continued the trend of increasing profit in the first three months of the year. With the highest revenue totals since New Jersey legalized and regulated online gaming in 2013, New Jersey maintains $69.5 million in total revenue this year.
Already, that’s an increase from first quarter of last year. That puts New Jersey at an increase of 17.3 percent from $59.3 million at this time last year.
The state reported the gross revenue numbers in an internet gross revenue report released Thursday. The $25.6 million represents a 16.3 percent increase from the previous record set in February of $21.99 million.
Online casinos in the black
Individually, online casinos banked, hitting thresholds this month.
“Bryce Harper isn’t the only batter who’s started the season on fire; New Jersey’s online casinos are 3-for-3 with three homers in 2018,” Ruddock said. “Online casinos were able to produce another incredible month of revenue as the market for these games continues to grow. Few obvious signs of a slowdown exist.”
Casinos playing it big this month with their respective online casino brands:
Borgata generated $4.6 million in online revenue in March and now sits at $201.8 million in total gaming win. This makes the casino the first to pass $200 million in total gaming win.
Comparatively, Golden Nugget raked in $8.7 million in March, up 9.8 percent from $7.9 million in February. Golden Nugget is the first license holder to do so, while also trailing the $200 million total gaming win with $183.4 million in lifetime revenue. Ruddock called Golden Nugget the bellwether for New Jersey.
New Jersey readies for a big year
March’s increases put New Jersey in line for $278.1 million in revenue by year’s end. Since the industry’s birth in 2013, total revenue tapered out at $722.4 million. With this projection, New Jersey will hit $1 billion by closeout of 2018.
Per day in March, the industry generated $825,168 (across 31 days). This was up from $785,433 in February.
New Jersey online casinos have contributed a total of $138.6 million in tax revenue for the state since 2013. In March, the casinos paid $4.5 million in taxes.
Casino games are largely to thank for the increases. Online casino games brought $23.6 million in revenue in March, while online poker inched up to $1.97 million. In February, online casino games sat at $20.3 million (now up 16.8 percent from that) and $1.8 million for online poker.
All this stands as good news for the Garden State and other states still considering online casinos as an option to increase revenue.