The New Jersey online casino market has generated massive revenue since it was fully legalized. The state collected close to $40 million in March this year, $5 million more than the state predicted.
The data suggests that the New Jersey online casino market experienced such huge gains because of online sports betting, which allows casino operators to cross-sell sports betting to casino players. The increase in revenue can be seen in direct correlation with the legalization of online sports betting which happened in August 2018. Moreover, at this time last year revenue was almost half of what it is now.
New Jersey Online Casino Market Figures
Highlights for the New Jersey online casino market include:
An online gambling revenue of $39,134,380 which the highest of any month since legalization.
The revenue for just online casinos is at $37,230,590, the highest in any month in New Jersey’s history.
The marked increase in revenue is up 53 percent vs February last year.
Not only is the New Jersey online casino market doing well, so are its other casinos. Golden Nugget casinos and sportsbooks experienced their best month ever in March with $14 million in revenue. This is the best any casino has done, hitting eight figures. Resorts Casino is also performing well, thanks in part to the larger role of DraftKings Casino. Coming on second after Golden Nugget, they made $8.5 million in revenue – its best month on record.
Embracing the Internet’s Potential
The internet, and the state’s embracing its potential, seems to be responsible for the great increase in profits. When you include online sports betting, online gambling is responsible for about $70 million in revenue to New Jersey. Previously, the state wouldn’t record above $50 million from all online gambling activities.
Licensed operators in the New Jersey online casino market are certainly keeping their shareholders happy with their performance. Big licensees like Borgata, Caesars, Golden Nugget, and Resorts AC collected record amounts of profits this month. They seem to have found the winning formula.
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