New Jersey's Monthly iGaming Revenue Hits $100m for the First Time Ever
This year started quite successfully for the New Jersey gambling industry. Online poker and casino recorded a revenue of $103.8 million for the first time in history. Sports betting didn't perform poorly either, since basketball and the NFL drove its total revenues to all-time heights. From what the Division of Gaming Enforcement (DGE) of New Jersey announced, the states' online casino and poker operators have generated revenue of almost $103.8 million. This is an increase of 88.4% from January 2020. December 2020 was far from bad either and saw gains of only $4 million less, or $99.45 million.
Online Poker vs. Online Casinos - Who Did Better?
Numbers show that the main contributor to reaching these income heights were online casino platforms. These operators brought $101 million by themselves, which is 89.7% of the entire amount. Online poker made only $2.75 million, which is still 50% higher than the revenues seen in January 2020. Both sectors made excellent profits from cross-selling to sports bettors who enjoyed marquee matchups during the month.
New Jersey online poker rooms significantly benefited from the Covid-19 measures and land-based casinos' closure throughout 2020. They also had a downturn soon afterward. This tendency was carried on in 2021, since poker games' income decreased by 9.1% in January, whereas casinos' rose by 4.8%. Poker recorded revenue drops in seven of the past twelve months, while casinos had only one bad month.
That difference applies most to Borgata and its three brands: Borgata Poker, PartyPoker, and BetMGM Poker. Altogether, they saw revenue drop by 13.5%, while Borgata's casinos gained 6.5%. PokerStars NJ and WSOP NJ saw a similar change in revenue for the casinos operating on the same iGaming licenses (Resorts and Caesars, respectively).
The Operators That Lead the Race
Golden Nugget Online Gaming was the one to lead on the iGaming revenue sprint in January, with $31.2 million. This figure represented an increase of an impressive 47%. Following, but not much behind comes the Borgata family of brands with $28.7 million. Together, they noted an immense YoY increase of 176.8%. Only $926,000 of the group's January total revenue came from poker operations, showing the importance of its online casino verticals.
Resorts Digital Gaming, the operator behind DraftKings and Flutter Ent's FoxBet/PokerStars brands, comes in third place. The company saw an income of $22.8 million, out of which $843,000 were poker revenues. Caesars Interactive Entertainment comes in fourth, lagging with only $7.4 million (+74.3%). However, the brand had impressive poker proceeds of $975,000.
The Tropicana's online casino came fifth with a little more than $7 million (+61.5%), followed by Hard Rock Atlantic City. The operator reached the month's second-biggest percentage gain, growing by 128.8% to $5.6 million. Ocean Casino Resort reported revenues of $971,000 (+82.7%).
New Jersey's Light Gambling Regulations
The gambling laws of New Jersey are the least restrictive of all US states. The Garden State legalized online casinos in November 2013. This step attracted plenty of popular iGaming operators to enter its lucrative iGaming market. New Jersey was among the first destinations where international and local operators went hand in hand alongside land-based license holders.
Today, NJ residents have access to more than 20 New Jersey regulated online casinos. It's worth mentioning that the three leading operators so far have been the Golden Nugget, Resorts Digital (including PokerStars), and Borgata (including the GVC/Roar Digital brands BetMGM, PartyCasino, PartyPoker, BetMGM). These three have accounted for nearly 80% of all the iGaming revenues in the state.
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