New Jersey iPoker Revenues Continue To Decline
Online casinos in New Jersey had a great start to 2018 registering record-setting revenue of $21,962,339 in January. This makes it the highest gross month in terms of online casino gross gaming revenue since New Jersey legalized online gambling.
This boost in iGaming revenues comes despite the fact that online poker revenues have continued to drop.
Contributing largely to the increase in online casino revenue are casino operators the Borgata Hotel Casino & Spa which operates sites such as BorgataCasino.com, BorgataPoker.com, and NJPartyPoker.com; Caesars Interactive Entertainment’s CaesarsCasino.com, HarrahsCasino.com, WSOP.com and 888.com; Resorts Digital Gaming, LLC which runs ResortsCasino.com, MoheganSunCasino.com and PokerStarsNJ.com along with Tropicana Casino & Resorts which runs Tropicana.com and Virgin.com.
Record iGaming Revenues Registered In Jan 2018
Resorts Digital’s profits of $3,070,386 represented their highest month-over-month gains in January across the NJ online market. Borgata’s online casinos brought a total of $3,526,844 while Tropicana raked in $3,269,530. Caesars saw the lowest profit in January 2018 at $2,845,068.
While the numbers recorded by these casino operators were pretty impressive, nothing came close to the profitability of Golden Nugget’s GoldenNuggetCasino.com, BetfairCasino.com and PlaySugarHouse.com. Golden Nugget posted a whopping $7,299,815 in online casino earnings for the month of January, which is the highest amount of profit ever turned in by an online casino operator in New Jersey.
Golden Nugget secured its place as the leader in NJ online casino as early as last year when it posted a total of $68.5 million in revenue, a 62 percent year-on-year growth from 2016. Golden Nugget’s revenue growth far outpaces its closest competitor, Borgata was only managed to post a 3.2 percent growth at $48,538,044.
Across all casino operators in the Garden State, table games and online slots brought in a healthy chunk of the increase in revenue and profits. Slots and table games brought in $20,011,643, a 20 percent increase from the same period last year. On the other hand, online poker continues to suffer in New Jersey.
There are only three online poker operators in New Jersey and they brought in a combined total of $1,950,696 in Jan 2018, which was a 16.6 percent decrease year-on-year. PokerStars brought in the biggest chunk of the total at $816,959, WSOP/888 earned $507,048, while Borgata/Party Poker/playMGM posted $626,689.
Despite the continued decrease in revenue, analysts expect a turnaround for online poker as New Jersey is set to share player pools with Nevada and Delaware and possibly Pennsylvania in the near future.