Online Gaming in New Jersey Surpasses $600m Mark
After the month of July totals were revealed, online gaming in the state of New Jersey has surpassed the $600m mark.
Online gaming is alive and well in the United States, though only three individual states have passed legislation and have the ability to offer legalized real money gaming within their borders. Between Nevada, New Jersey and Delaware, New Jersey is the most successful, easily surpassing the other two states by way of revenue totals as well as traffic numbers. Since November 2013, New Jersey has offered online casino and poker gaming and after July totals were revealed, it was announced that the industry has surged past the $600 million mark in combined gross revenues.
Over $600m Earned
Analysts at PlayNJ.com reviewed the earnings as reported by the New Jersey Division of Gaming Enforcement which showed that a total of $619.36 million for the duration of gaming as of July. A strong July helped to push the totals past the $600m overall.
July signaled an exciting month for the state with two new online casinos coming into the market. playMGM launched two online gaming sites, one for casino and one for poker game play, while Scores also launched a new online gaming venue. In total, the online casinos of the state earned just over $20 million in gross revenues with total tax revenues coming in at $3.6 million. The total amount of taxes generated by online gaming pushed just past the $108 million mark after July totals came in.
PlayNJ.com lead analyst Steve Rudduck commented that with over $100 million in tax revenue provided to the state from online gaming, certainly helps to drop the curtain on any lingering revenue concerns. According to Rudduck, the momentum is building and with states like Pennsylvania dragging their feet to legalize iGaming, companies are moving in to New Jersey in order to be part of the online gaming industry.
The month of July has 31 days and even with the July 4th holiday, the state was able to earn more than the $20.2 million seen in June. Individual casinos were able to reach milestones as well, such as the Golden Nugget. The Atlantic City casino earned $6.25 million in gross revenues to become the first licensee to earn over $125 million in lifetime earnings from online casino games.
According to Ruddock, the success of the Golden Nugget is a testament to the equalizing poker of online gaming. Online, even a small casino can compete with much larger venues, even those two to three times its size.
Because New Jersey has done so well, other states are looking to them when it comes to discussing their own online gambling legislation. States such as Pennsylvania can see the success that New Jersey is having but cannot seem to come to terms within their own borders as to how they should offer such gaming options online.
For now, New Jersey is reaping the benefits as they have no competition when it comes to online game play. Players are logging online and enjoying their favorite casino and poker games and land based venues are able to see positive returns, something that was not happening when they were just focused on land based gaming.
Casinos in Atlantic City have been suffering for years but it seems that since online gaming has been legalized, the venues are being revitalized. Even more revitalization efforts are happening in the area with the former Revel set to open as a rebranded venue known as TEN and Hard Rock International preparing to open the former Trump Taj Mahal as the Hard Rock Hotel & Casino Atlantic City.
Greater things are yet to come for New Jersey and it will be interesting to watch as the industry continues to do well.