April Marks New Gambling Revenue Record For New JerseyPublished May 22, 2016 by Vlad G
While growth was registered all across the US gambling market, New Jersey's growth was significant coming in at a record breaking $17 million in revenue in April alone.
Even with few states legalizing online gambling, the United States market seems to be booming. This year has produced growth beyond any analyst's predictions with month-to-month growth coming in at 29.3 percent with a peak being hit this April.
While the Whole Market is Growing Some States are Booming
Within the US some states have managed to outperform the country's growth with New Jersey registering huge revenue culminating in an April high of $17 million. This is nearly 34% up from April of 2015 when revenue came in at $12.7 million. April’s results came when just a month earlier the state had its first year on record when revenue surpassed the $15 million marker.
According to the New Jersey Division of Gaming Enforcement, the significant monthly win registered this April was divided between a growth in online poker revenue which grew from $2 million in April 2015 to $2.6 million and online casino growth which in turn grew from $10.7 million in 2015 to $14.4 million.
The revenue was mainly split between the five major online casinos operating in the state. The Borgata had the biggest revenue this month with approximately $4 million, the Resorts followed with $3.5 million in revenue, the Golden Nugget registered $3.3 million in revenue, Caesars Interactive NJ registered $3.2 million in revenue and while Tropicana had $3.1 million in revenue.
Growth Isn't Really a Surprise
The significant growth is down to a number of reasons; one of the most important is that the entire gambling market has yet to reach its full potential in the United States, with yearly growth being the norm for quite some time to come. Other elements that influenced growth in the first trimester of 2016 is the cold season, which makes gambling form home a better option as well as the first full month PokerStars was in full action in the state.
This month’s revenue increase in New Jersey is just the beginning as online gambling is just starting become part of the conversation in the United States. The market is far from its full potential and with increased popularity, more special events and the opening of more and more big gambling brands the growth pattern should continue for quite some time.