NJ iGaming Revenues Soar 38.6% in JulyAugust 15, 2016 1:06 pm
New Jersey has reported its best ever online gambling month since the industry was regulated back in November 2013, with July’s revenues soaring by an impressive 38.6% to $17.4 million versus the same month in 2015. That figure was also up by $1 million compared to June’s tally of $16.4 million.
Impressively, online poker posted a solid 6.7% year-on-year gain to $2 million, while the casino vertical experienced a more dramatic 44.2% increase to $15.3 million. As a result, combined online poker revenues this year are currently up by 10.8% to $15.7 million, and casino revenues up 37.2% to $96.4 million. The overall market is also higher by 32.6% to $112.2 million, compared to the first seven months of 2015.
In July, Resorts (PokerStars) led New Jersey’s online poker market with $754,199 of revenues, followed by Caesars (888/WSOP) with $649,832, and Borgata (Party Poker/Pala) with $608,074. In terms of overall iGaming revenues, however, Borgata was out in front with revenues of $3,971,138; followed by the Golden Nugget ($3,706,991); Caesars ($3,395,666); Tropicana ($3,242,891); and Resorts ($3,052,298).
Including all business from the state’s eight brick–and-mortar casinos, New Jersey generated a total of $258 million in July, around 5% higher than the $245 million collected from a year earlier. Commenting on the figures, Matthew Levinson, chairman of the state Casino Control Commission, said:
“July was a solid month, even though several properties faced challenges including a strike by union-employees at one casino.”
Levinson was referring to the beleagured Taj Mahal casino, which earlier this month announced that it would be shutting its doors for good after the workers Union, Local 54 of the Unite-HERE, walked out on their jobs on July 1st. The dispute covered a range of issues, including pensions, health benefits, and unpaid vacations, and in the process was costing the casino’s owner millions of dollars in lost revenues each month. A total of 2,848 employees are now expected to lose their jobs on October 10th.