New Jersey’s online casinos managed to garner enough wins to make the month of March a record-setting one, while also setting a few major milestones for some individual operators, according to analysts at PlayNJ.com.
In keeping with March’s historically favorable numbers for the state’s online casinos, March 2017 did not disappoint.
Online casinos in the Garden State last month shattered the previous record set in January of $18.8 million, coming in hot with over $21 million, according to the Monthly Internet Gross Revenue Report (pdf) released by the New Jersey Division of Gaming Enforcement on April 12. It was the first month that online casino revenue topped the $20 million mark.
New Jersey has amassed a total of $356.5 million in revenue since online gambling was legalized there in November 2013. According to the analysts, since 2013, the state has raked in $80 million in total tax revenue and could surpass the $100 million mark by the year’s end.
In March, another $3.3 million in tax revenue was sent to the state by its online gaming operators. Gaming operators in New Jersey have paid the state in excess of $80 million in tax revenue since launching in November 2013.
PlayNJ.com Senior Analyst, Robert DellaFave, said, “Nearly three-and-a-half years since its inception, the train that is the New Jersey online gambling industry continues to cover steam. Every month the industry either flirts with or sets a new record for revenue.”
In addition to the industry record, the Golden Nugget Atlantic City also set a record, eclipsing $6 million in monthly online casino revenue in March. The Carl Icahn-led group-owned Tropicana Casino & Resort and Resorts Casino Hotel in Atlantic City also posted record months, with the former surpassing $100 million in total revenue and Resorts Digital Gaming exceeding the $50 million mark.
Another milestone was reached by the Borgata Hotel Casino & Spa, bringing in more than $150 million since its launch. And contrary to what one might think, the bulk of the online casino business is from new customers, rather than the casino’s existing customers. According to the report, executive from Borgata as well as Golden Nugget Atlantic City, and Caesars Interactive Entertainment have all confirmed that upwards of 80 percent of their customers online are new.
Not all of the state’s online casino operators set records in March, however, as Caesars Atlantic City online casino saw back-to-back bad months. In March, while the competition was hitting milestones and breaking revenue records, revenue dropped significantly for Caesars, although its year-over-year revenue was down just a smidge at less than one percent.