For January, the Golden Nugget has set a new record for online gaming earnings, surpassing the $7 million mark.
New Jersey continues to be the state to beat when it comes to online gaming. The state offers both online casino and poker games, with several providers in operation. In 2017, the state managed to almost reach the $250 million mark in earnings, bringing in around $245 million for the year. In 2018, the state is already off to a good start with online gaming as January numbers reach record heights.
The New Jersey Division of Gaming Enforcement released the gross revenue numbers for January this week, showing a total of $21.96 million generated for the month within the industry as a whole. This is record-setting monthly totals for the industry. The total marks the 11th month in a row that online casino and poker revenues surpassed the $20 million mark. The total is also the fourth time that the state has surpassed $21 million. The month was a huge one as far as year on year growth as January 2017 brought in just $18.82 million.
When breaking down totals based on individual operator, the Golden Nugget continues to reign supreme. The operator surpassed the $7 million mark regarding online gaming revenues with second place going to the Borgata, which earned just over $3 million. A huge gap remains between first and second regarding online gaming revenues.
If these numbers continue, the state could reach the $1 billion lifetime revenue earnings in no time. The industry continues to do well and be a prime example as to how a state can benefit from online gaming legalization and regulation.
Reviewing the Numbers
Overall, the online gaming industry earned just over $21 million for January, an increase of 16.7% year-over-year and just over 5% when considering month to month totals. For online casino games, earnings reached $20 million, a year-over-year growth of 21.4% and 6.3% month to month. For poker, only $2 million was earned, a drop of 16.6% for the YOY and just under 1% for month to month.
Golden Nugget had an amazing month, bringing in $7 million, which is a huge growth when compared to the $4.8 million earned in January 2017. Borgata brought in $4.15 million, which is up around a half a million when compared to the year prior.
Caesars holds the number three spot when it comes to earnings, but revenues dropped for January. Total revenue was down 12% to $3.35 million with casino gaming bringing in just $2.8 million. Resorts AC saw a good month, earning $3.8 million for January, which is an increase of 21%. When looking at year-over-year growth, the operator was up 39% for casino gaming and 23% overall. Tropicana earned $3.3 million, which is a slight increase from the same month in 2017.
Other states in the US continue to look to New Jersey as an example as to how online gambling should be operated. Players have access to quality gaming and their regulation model has made online gaming quite successful for land-based casinos of Atlantic City and their online partners.
Pennsylvania is the latest state to legalize online gaming and it will be interesting to see how the state begins to offer online gaming and if they will see as much success as NJ has been able to over time. For now, we will continue to report on the online gaming revenue numbers of NJ and see if the state can continue to build on the success of last month throughout 2018.