Mia Gardner | 17 Dec 2017
According to the most recent financial figures released by the state’s gaming regulator, November revenue surpassed the $21 million high set in August. With $6 million in revenues of its own and incredible 63 percent year-on-year growth, casino operator Golden Nugget was a major contributor to NJ’s iGaming success.
The state’s second-best performing online casino was Borgata, which saw increases in its month-on-month and year-on-year revenue for November. Caesars and Resorts AC ambled along with unimpressive figures, whereas Tropicana stood out from the crowd as having been the only casino operator to have seen revenue decrease month-on-month, although year-on-year revenue saw a 10 percent increase.
New Jersey’s impressive financial results for November tell an interesting story about what players in the state are playing. Online casino operations saw month-on-month and year-on-year increases, and smashed a then-all-time high set only 3 months prior.
However, online Poker operations in the state are going through a dismal period. Its November revenue hovered under the $2 million mark for the third month running. This no doubt has industry stakeholders concerned that Poker is headed for a trough much like its $1.7 million June revenue.
The revenue of all 3 of the state’s biggest online Poker operators, PokerStars among them, decreased year-on-year. Operators hope that player pools shared with Delaware and Nevada, a project planned for next year – will see the NJ online Poker industry improve.
In brief, online casino revenue was up 4.3 per cent month-on-month and 24.6 per cent year-on-year to $18.8 million, online Poker was down 3.3 per cent month-on-month and 13.1 per cent year-on-year to $1.8 million, and the state’s overall iGaming revenue was up 3.5 month-on-month and 20 per cent year-on-year to $20.6 million. Over four years, the state has made approximately $700 million in iGaming revenue.
New Jersey has a long-standing relationship with gambling, and boasts some of the USA’s least restrictive betting laws. Funds were raised by lotteries for the military during the French and Indian War as well as during the American Revolution.
Even the universities now known as Princeton and Rutgers would not have been built without the help of funds raised through gambling. The state is also home to Freehold Raceway, the USA’s oldest racetrack.
The January 2011 bill legalising online gambling in the state was sponsored by Raymond Lesniak. Passed by the state legislature, it allowed residents over 21 years of age to gamble, while restricting casinos’ servers to Atlantic City.