New Jersey iGaming Revenues Soar 27% in February

In February, New Jersey’s casino market generated revenues of $205.3 million, representing a slight 0.3% increase compared to the $204.7 million that was taken in the same month last year. Without its online gambling market, though, overall revenues would have been lower by almost 2% year-on-year.
New Jersey’s online gambling operators collected $18.7 million in February, up by a whopping 27% versus the $14.7 million taken in February of last year. Furthermore, the vertical has been described as a “growth vehicle for the gaming industry” by Richard Schwartz, the president of Rush Street Interactive which operates the Golden Nugget gambling site,
Pointing out that online gambling products help attract a younger demographic to the industry, Schwartz further noted that land-based casino players, who also played online, are more frequent return visitors to land casinos, and on average tended to spend 15% more than other customers.
From the internet revenues of $18.7 million generated in February, online casinos accounted for $16.55 million of that tally, up by almost 30% year-on-year; while poker, too, posted a modest gain of 8.8% to $2.17 million.
Leading the online market was the Golden Nugget, whose casino only site collected $5.175 million; followed by Borgata with $3.745 million, of which $3.13m was from its online casino, and $615k from poker. Meanwhile, Caesars earned $3.5m (casino:$2.83m, poker:$666m); Tropicana’s casino-only website took $3.25 million in February; and Resorts brought in $3.05 million, with poker accounting for $890k of that amount.
Not including online gambling, New Jersey’s casinos generated revenues of $186.6 million last month, down by 1.8% from a year ago. Once the now shut Trump Taj Mahal is excluded from the equation, the remaining casinos would have seen their overall revenues improve by 6.6% year-on-year.
In February, five of the seven casinos reported an increase in their y-o-y revenues, headed by the Tropicana up 28% to $28.3m; and then Resorts up 21.4% to $15.1m. On the flip side, Borgata saw its business contract by 0.7% to $58.2m; while Caesars’ revenues slipped by 4.7% to $16.3m.

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