Interactive
US – New Jersey’s online sector surges past $600m mark
By Phil - 14 August 2017
New Jersey’s online casinos flew past another important milestone in July, easily surpassing $600m in combined gross revenue since online gambling was legalised and regulated in November 2013.
Hitting $619.36m in lifetime revenue was just part of a strong July, according to analysts from PlayNJ.com.
During a month in which two new online casinos entered the New Jersey market, playMGM and Scores, the state’s regulated online casinos combined to collect $20.6m in gross revenue, according The New Jersey Monthly Internet Gross Revenue Report. The total tax revenue generated since 2013 pushed higher, too, to $108.1m after collecting $3.6m in tax revenue.
“Stuffing state and local coffers with over $100m in tax revenue certainly drops the curtain on any lingering revenue concerns,” said Steve Ruddock, lead analyst for PlayNJ.com. “The momentum is building, too. While states such as Pennsylvania drag their feet on legalising online gaming, companies of all stripes are flocking to the Jersey Shore to grab a piece of the online gaming action.”
With 31 days in July, including the July Fourth holiday, the month’s gross revenue total was up from $20.2m in June.
Individual casinos posted milestone months, too. Golden Nugget Atlantic City pulled in $6.25m in gross revenue to lead all operators, becoming the first licensee to surpass $125m in lifetime revenue from casino games.
“The Golden Nugget’s success is testament to the great equalising power of online gaming,” Mr. Ruddock said. “On the Internet, a small casino can compete with casinos two or three times its size.”
