New Jersey iGambling Revenues Soar 30% in November

New Jersey’s online gambling market has been on the ascendancy this year, and November was no exception with revenues soaring by almost 30% to $17.2 million compared to the $13.2 million that was taken in the same month in 2015. In a further positive sign, last month’s revenues were also the second highest in the industry’s more than three-year run, with just July of 2016’s total higher at $17.4 million.
With just one month’s revenues left to count for 2016, New Jersey’s online gambling market is expected to have generated close to $200 million in revenues for the year, having experienced impressive average monthly revenue increases of around 35%. As a result, 2016 will have produced nearly $30 million in online gambling taxes, with receipts totalling about $66 million since the industry was first regulated back in November 2013.
Consequently, online gambling is fast becoming one of New Jersey’s most important new sources of income, with other valuable contributors including cigarette taxes which funnel an extra $150 million annually towards state‚Äôs coffers, and alcohol taxes which add a further $110 million per annum.
Meanwhile, the state’s seven land-based casino operations generated $180.1 million in November, representing a 5.8% decline from the same month last year, although once the now shut Taj Mahal is removed from the equation, business was actually up by 1%.
Taken as a combination, land-based revenues together with those derived from their online operations totalled $197.3 million in November, down by 3.5% year-on-year. Nevertheless, omitting the Taj Mahal from the results once more produces a positive outcome, in this case with revenues being higher by 3%.
Last month, just two casinos saw their y-o-y revenues fall, namely Caesars down 12.4% to $21.3 million, and the Borgata, down by 0.6% to $60.8 million.
Leading the market in terms of growth, however, was the Golden Nugget up 11% to $20.6 million; followed by the Tropicana up 10.7% to $28.3 million; Bally’s up 6.6% to $16.3 million; Harrah’s up 2.4% to $30.8 million; and Resorts up by 0.4% to $12.6 million.
The Garden State subsequently collected $15.7 million by way of gambling taxes in November.

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