BUSINESS

New Jersey hulk-smashes online gambling revenue record

TAGs: New Jersey Online Gambling

new-jersey-online-gambling-revenue-record-smashNew Jersey’s regulated online gambling market shows absolutely no sign of letting up as it smashed yet another monthly revenue record.

Figures released Wednesday by the New Jersey Division of Gaming Enforcement (DGE) show the state’s licensed online gambling operators generated revenue of $33.6m in January, a stellar 53% rise over the same month last year and $4.6m higher than the previous record set last December.

In fact, January’s online casino revenue of $31.7m could have set a new monthly best for the overall market all on its own. As it stands, January’s online casino revenue was 58.5% higher year-on-year and $4.5m higher than December 2018.

And then there’s online poker. The perpetually disappointing poker vertical reported revenue of $1.88m in January, a 3.5% decline from January 2018 although it did inch up slightly from December 2018’s $1.76m.

The Golden Nugget continued to run roughshod over its online market rivals, setting a new individual operator record with $12.18m in January, all from the online casino vertical. The Nugget’s latest online partner, Churchill Downs Inc’s BetAmerica brand, didn’t launch until last week and thus its contributions won’t be counted until February’s results are filed.

It’s not like the Nugget’s rivals are falling down on the job. Resorts Digital Gaming rocketed into second place on January’s revenue chart with $6.45m, of which nearly $670k came via the poker operations of The Stars Group’s PokerStars brand.

The overall revenue figure represents an all-time best for Resorts, whose operations now include the new online casino offering from DraftKings. The former pure daily fantasy sports operator is among the state’s online sports betting leaders, and thus DraftKings’ online casino is likely enjoying significant cross-sell. DraftKings recently signed a deal with live casino specialists Evolution Gaming to expand its limited casino product line, which made its debut in December.

The Borgata family of sites ranked third on January’s overall chart with $4.74m, of which $488.5k came via poker. Caesars Interactive Entertainment wasn’t far back with $4.57m, to which poker contributed nearly $725k. The Tropicana’s casino-only sites rounded out the top-five with just under $3.5m.

As for the market’s youngest entrants, the Hard Rock Atlantic City’s online casino had its best month yet with $1.62m, up $300k from December. The Ocean Resort Casino’s online casino managed just under $531k, a modest gain from December but well back of its $732k peak last November.

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