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On Wednesday, the New Jersey Division of Gaming Enforcement (DGE) released its monthly revenue report for NJ online casinos, which included poker. It also issued a revenue report for sports betting in the Garden State.
There has been a slew of activity in the online gaming space in New Jersey. The best way of putting it all into perspective is by looking at the revenue.
Fiery online casino numbers continue to impress
For the 18th consecutive month, New Jersey online gaming revenue topped $20 million. August’s total of $24,804,000 was the third highest revenue figure of all time. That number represents a 16 percent increase compared to the same period last year.
Online casinos continue to dominate the landscape while online poker still struggles. Golden Nugget continues to hold onto the top spot posting $8,172,000. Even though that number is nearly twice that of its closest competitor, Borgata ($4,655,000), it still represents a 12 percent decline over last year’s figure.
Only two established operators, Resorts ($4,027,000) and Tropicana ($3,594,000), showed positive month-over-month growth. The new kids on the Boardwalk, though, posted a significant improvement compared to their July debuts.
With all the attention on sports betting, it is encouraging to see such impressive online casino revenue figures.
- Overall: $24.8 million
- Casino: $23 million
- Poker: $1.8 million
Sports betting revenue living up to the hype
The August sports betting report is the third report and includes the second full month of sports betting revenue. Since the last report, three new sportsbooks joined the growing industry, making a total of eight included.
FanDuel Sportsbook at Meadowlands emerged as the clear winner this month. It posted $3,060,000 in revenue. It is nearly three times as much as its nearest competitor, William Hill at Monmouth Park which posted $898,000. That figure also represents nearly a third of all revenue for the nascent industry.
- Meadowlands: $3,060,000
- Monmouth Park: $898,000
- Borgata: $805,500
- Ocean Resort: $519,500
- Harrah’s: $298,500
- Bally’s Wild Wild West: $267,700
- Golden Nugget: $111,700
- Resorts: $98,000
Mobile sports betting is growing rapidly
August also represents the first-month mobile sports betting revenue makes an appearance. DraftKings, as the first online sportsbook, was the only player in the online space for nearly three weeks. It shows in the revenue figures.
- DraftKings Sportsbook: $2,970,300
- playMGM Sportsbook (launched Aug. 22): $49,600
- SugarHouse Sportsbook (launched Aug. 23): $103,300
What is abundantly clear from this month’s sports betting revenue report is the impact of online and mobile wagering. Online sports betting accounted for a significant chunk of the total sports betting revenue even though there was only one operator for most of the month.
Going forward, look for online sports betting to dominate the headlines. Football season is in full swing and the market now hosts eight online sportsbooks with more expected. Next month we will hear from:
New Jersey is the poster child for online gaming
Online gambling is set to launch soon in Pennsylvania. More states are slated to take up the debate as legislatures return to work following their summer breaks.
All eyes are on New Jersey as it continues to grow the online gaming industry in the state. For states interested in expanding their gaming laws to include online casinos and sportsbooks, New Jersey’s August revenue figures are surely enticing enough to make a case.
David Rebuck, director of the DGE, commented on the robust New Jersey online gaming industry to the Press of Atlantic City:
“With the new casinos that opened in June and the addition of sports wagering options, including online alternatives, the gaming industry has experienced growth rates in July and August that have not been achieved in years. It is an exciting time for Atlantic City, and we look forward to continued revenue growth going forward.”