- Online gambling and casino market in New Jersey continues to go strong in May
- Online poker threading waters, lagging behind the casino segment
Things have been going in the right direction for the online gambling industry in New Jersey. With the recently released numbers for the month of May, taxes from online gambling have surpassed the $100 million mark, and the future looks bright at this point in time.
Positive trends continued in May
Since the launch of regulated online gambling in 2013, the Garden State collected around $101 million in taxes. This number is a clear indicator that creating a regulatory framework for online gaming activities was the right move New Jersey, as the state’s budget has received a significant boost over the past few years.
The industry as a whole has been blooming, and over the past three months, things have been particularly good. Namely, total revenues across all online casinos and poker activities in New Jersey crossed the $20-million threshold every month, with May showing $21.1 million in revenues.
New Jersey May breakdown
The total revenue of $21.1 million was behind the March record of $21.7 million, but ahead of April’s $20.8 million. The revenue was shared between online poker and online casino, and it all breaks down as follows.
Online casinos have contributed $19 million to the total, which was a small decline in comparison to the last month (-2.7%), but a strong year-on- year growth of +35.6%. This indicates that online gambling in the Garden State has a strong future ahead.
Online poker contributed the rest ($2.1 million), and there was a decent increase in relation to April(+4.2%). However, when looking at the year-on- year numbers, it is clear that poker doesn’t enjoy the same popularity. Namely, when compared to May of the last year, poker revenues have experienced a significant decline of -17.5%.
In terms of operators, Golden Nugget was the biggest winner in May, contributing $6 million to the total, continuing its unprecedented growth. The operator has achieved 85% year-on-year growth in revenues, and they are showing no signs of slowing down.
Resorts AC (PokerStars NJ) is another company that’s been going in the right direction, marking a 65% year-on- year growth in revenues. Their numbers are close to that of Tropicana, but Tropicana, with its $4 million, sits in the second place overall for casino-only operators.
Ceasars (888 Casino and WSOP operator) has experienced a 20% YoY growth, with a total revenue of $3.6million in May. Their casino offering is going in the right direction, but online poker seems to be struggling.
Borgata (Party) is on the other side of the spectrum, with $3.5 million generated in May, but mostly thanks to their poker offer. Overall, however, Borgata has experienced a significant decline in year-on-year revenues.