New Jersey iGambling Hits Record High in March

In March, New Jersey’s online gambling market once more came to the rescue of their land-based counterparts after posting a 40 percent year-on-year revenue gain that helped lift the state’s overall gambling market by 9.3  percent. In total, internet gambling generated a record-breaking $21.7 million in March, compared to the $15.5 million that was collected in the same month last year.
Furthermore, the figure represents the first time revenues have surpassed the $20 million mark, with the impressive result also helping to push land-based revenues to $221.8 million, or $31 million more than March of 2016’s tally. Commenting on the milestone month, Matt Levinson, chairman of the New Jersey Casino Control Commission, stated:
“Every month should be as good as March was. When coupled with the very strong earnings report that came out last week, it’s clear that casinos have started to grow the market and increase their profits. That is generating a lot of positive interest in Atlantic City and has already attracted significant new investment in this market.”
Accounting for the majority of iGaming revenues in March was the casino vertical which reported a huge 49.4% year-on-year increase to $19.5 million, while online poker moved in the opposite direction falling by 8.5% to $2.25 million. Leading the market was the Golden Nugget with revenues of $6.17 million, followed by Borgata ($4.35m), Resorts Digital Gaming ($4.2m), Tropicana’s ($3.86m), and finally Caesars Interactive Entertainment ($3.15m).
Including land-based casinos, the Garden State’s gambling revenues are currently higher by 13 percent at $632 million for the first three months of 2017, compared to the same period of time in 2016. In the meantime, the internet gambling market, which was launched back in 2013, has produced over $80 million in tax revenue for the state, and commenting on the sector, senior gambling analyst Robert DellaFave, explained:
“Online gambling is a critical component of Atlantic City’s revitalization efforts. Nearly three-and-a-half years since its inception, the train that is the New Jersey online gambling industry continues to gather steam. Every month the industry either flirts with or sets a new record for revenue.”