Revenue reports for March are in, with the New Jersey iGaming market hitting a new high.
Every time a new month begins, the New Jersey Division of Gaming Enforcement provides revenue reports for the previous month involving online gaming as well as land-based options. As far as online gaming is concerned, the state continues to set records and be successful, particularly with their casino gaming options. The March reports are in and the state has been able to see the highest earning month ever, throughout the history of the industry. March online casino and poker in New Jersey brought in $25.6 million in earning, pushing past the last record-breaking month by over $3 million.
In the past, revenues for the state’s online casino industry had never moved past the $22 million mark. February was the last record-breaking month, but even then, the earnings did not surpass $22 million. When looking at year-over-year totals, comparing March 2018 to March 2017, the totals were up close to $4 million. Last year, the month resulted in $21.7 million.
For last month, it marks the 6th time that the total revenues have surpassed the $21 million mark. The month also marks the third time running that more than $21 million has been earned. For over a year now, the state has been able to see over $20 million earned each and every month. The industry is currently on pace to reach $1 billion by the year’s end and if the revenues keep increasing, the state may reach that number sooner rather than later.
March Revenue Numbers
Overall for March, the online gaming industry earned $25.7 million. This was a 17.6% increase from last year and a 5% increase from February. Online casino gaming brought in the bulk of the revenues with $23.6 million recorded. This was 21.1% more than March of last year and 5.5% more than February. Online poker struggled again with only $2 million in earnings. Poker was able to earn a little more than last month with a 0.2% increase while the yearly comparisons were actually down 12.7%.
The top online casino operator continues to be the Golden Nugget, with $8.65 million earned in March. This is the first time the operator has surpassed the $8m mark and no one else is showing any signs of reaching their status as of right now. The operator has a serious lead of around $4 million from the next in line, Caesars, and they are showing no signs of slowing down.
Caesars was the second-place finisher for the month, earning $4.5 million, which is a big month for the brand. Usually, the Borgata holds the number two spot behind the Golden Nugget. Unfortunately for Caesars WSOP/888 network, decreases were still there, and the network came in at the last place mark for online poker.
Overall, the online gambling industry of New Jersey is thriving and should only continue to thrive. Within the year, we expect the Ocean Resort Casino and the Hard Rock Hotel & Casino Atlantic City to begin offering real money online gaming as well. With two new operators in the mix, it would not be surprising to see the industry continue to hit the $25 million mark month after month or possibly even surpass that number.
It’s all a guessing game but we will certainly stay tuned over the next few months to see how the industry fares and if the two new additions will have a significant impact on revenue numbers.