NJ iGaming Sites Post Record Revenues in March 2016April 18, 2016 10:54 am
New Jersey’s online gambling market generated revenues of $15.5 million in March, representing a 16% increase on the $13.2 million that was collected in the same month last year. Impressively, the Garden State has now posted record revenues for each of the past five consecutive month.
Online casino continued their winning ways, with the vertical up 20% to $13.04 million from the $10.9 million taken in March 2015. Online poker in particularly, however, benefited from a boost in business following the launch of PokerStars’ NJ product and as a result saw its revenues surge by 23.6% to $2.46 million, versus the $2.22 million reported for the same month in 2015.
PokerStars only launched its site on March 21st, and despite running for just 11 days last month, still managed to generate $597,677 in revenues. Consequently, PokerStars and its partner, Resorts, captured a 24% share of New Jersey’s iPoker market, with Borgata/BwinParty leading the way with a 42% share worth $1.03 million, and Caesars/Harrah/888 with a 34% share worth $830,007 in March.
The launch of PokerStars NJ was keenly anticipated by the state’s gaming analysts, and all the hype surrounding the event proved correct with PokerStars immediately rising to the top of the market in terms of traffic. Furthermore, traffic to NJ iPoker sites increased by more than a third in March, with the number of visitors rising to around 400 per day, up from around the 320 players reported before the launch of PokerStars .
Around one month later, however, it would appear that the initial fad has subsided somewhat, and today PokerScout is showing the market consisting of an average of 355 players over a 7-day period. In the meantime, PokerStars has seen its traffic fall from a peak of 180 players to its present level (April 18th) of 140 players, while WSOP/888 is close behind with 130 players, and Party Borgata a way behind with 85 players.
Finally, New Jersey’s eight land-based casinos generated $187.5 million in March, which when added to online gambling revenues came in at $202.97 million, or just 0.4% less than the $203.9 million posted in the same month in 2015.