Online Casino Revenues Continue to Soar in New Jersey
The first month of revenue earnings for 2020 are for the iGaming industry of New Jersey and surprise, surprise; the state has seen yet another positive month. For some time now, it has been expected that the online gambling industry in the state would slow down and perhaps taper off. However, that is not what is happening. Revenues continue to grow and January 2020 is a good start to the new year for the state.
For 2019, the state ended the year with a large boost in online gambling revenues of 62%. The State Division of Gaming Enforcement revealed that January 2019 compared to 2018 showed a whopping 64% increase in earnings. January totals came in at $55.1 million, with a huge chunk provided by the Golden Nugget.
The Golden Nugget continues to be the operator to beat, month after month. Last month, the operator brought in an amazing $21.2 million in earnings. The brand earned close to $9 million than the previous January. They easily beat out the second place finisher, Resorts Digital, who earned $11.9 million.
Resorts has made a huge push over the past few months and continues to be in second place month after month. They are partnered with the Mohegan Sun and DraftKings, which has led to an increase in online casino earnings, pushing the brand past the former second-place finisher, the Borgata.
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The Borgata was in the third spot yet again, having earned just over $10 million for the month. The amount was almost double what the brand earned in January 2018. They are inching closer to Resorts, but still a bit behind.
The Tropicana came in at the 4th spot, with just over $4.3 million in earnings. They barely beat Caesars Interactive Entertainment, who had $4.23 million in revenues. Caesars did well in the online poker realm, bringing in the bulk of the earnings with more than $718,000 in revenues.
The Hard Rock Atlantic City earned just $2.46 million while Ocean Casino Resort’s totals were much lower at $531,000. While the Ocean had small numbers, they were able to earn around five times more than they did in December.
What’s to Come?
With the first month of the year showing such positive results, it begs the question as to if the industry will be able to maintain this type of revenue for the remainder of the year and beyond. For some time now, analysts have been expecting a slowdown. But each and every month, the industry continues to outperform itself.
How is this possible? How are the online casinos continuing to earn top revenues month after month with no sign of any decline? It is really unknown. Perhaps players are just enjoying the gaming options they have, and it has become a regular activity in the state.
What we do know is that all eyes will be on New Jersey in the coming months as the latest revenue totals come in. The Golden Nugget continues to outperform the competition and it will be interesting to see if they can reach the $25 million milestone or go even further, perhaps to $30 million by the end of the year.
Will any other operator be able to catch them? Will online gaming continue to pull in record numbers for the state? Only time will tell and we will certainly stay tuned and report all the details as they are released!