New Jersey iGaming Revenues Soar 42% in February

New Jersey’s online gambling market finished 2015 higher by 21% with $149 million in revenues having been generated throughout the year. 2016 has started on a positive note, too, and after producing record revenues of $14.6 million in January, the Garden State has excelled itself once more, this time with revenues coming in at an impressive $14.75 million, a massive 41.8% higher compared to the $10.4 million that was collected in the same month last year.
The fly in the ointment, however, was online poker which saw its revenues fall 2.5% to $1.99 million from $2.045 million for the same month a year earlier. As a result, New Jersey’s iPoker offering now represents just 13.5% of overall internet gambling revenue, down from the 19.7% market share it held in 2015.
Online casino games, on the other hand, reported $12.75 million in revenues, representing six months of consecutive growth for the vertical, and a huge 52.3% increase compared to February last year. As a result, online casino games now account for a whopping 86.5% of total online gambling revenues, up by 80.3% versus 2015.
Leading the New Jersey iGaming market in terms of revenues is Borgata/Party Poker with a 28.7% share of the business, followed by Golden Nugget/BetFair (21.1%), Tropicana (20.7%), Caesar’s Interactive (20.5%), and finally Resorts (8.9%).
This month, however, the Resorts/PokerStars partnership is expected to launch its new product, with an initial soft launch taking place on March 16th, prior to a full real-money launch on Monday, March 21st. PokerStars’ entry in New Jersey is expected to increase the size of the market, as well as the marketing expenditure of its rivals, thus contributing to further record New Jersey iGaming revenue going forward.
When the $190 million produced by Atlantic City’s eight land-based casinos are included in the mix, New Jersey generated a total of $204.7 million in February, higher by 14.7% versus the $178.4 million collected in February 2015.  Commenting on the results, Casino Control Commission chairman, Matt Levinson explained:
“It’s always positive to see casino revenues going up, and there were a lot of factors that combined to make February a good month. Compared to last year, the weather was great and with Leap Year, last month had one extra day.”


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