New Jersey Hits $200 Million in Annual Online Gambling Revenue
Published November 21, 2017 by Elana K
For the eighth month in a row, New Jersey’s online casinos have raked in over $20 million. October’s revenue has brought New Jersey’s yearly gross total above $200 million, setting a new annual record with 2 months still left in the year.
The New Jersey Division of Gaming Enforcement (NJDGE) released the state’s October gambling revenue numbers, and it is cause for celebration. For the eighth month in a row, New Jersey’s online casinos have raked in over $20 million. October’s revenue has brought New Jersey’s yearly gross total above $200 million, setting a new annual record with 2 months still left in the year.
The good news from New Jersey comes on the eve of its 4th anniversary of legalized online gambling, which was set in motion in November 2013.
October 2017 Revenue
The NJDGE report puts October iGaming revenue at $20.6 million; and when online casinos have a good month, the state of New Jersey has a good month as well. New Jersey earned $3.6 million in tax dollars from its iGaming monthly tax revenue. Analysts say that at the rate New Jersey online gambling is going, the state could break the $250 million mark by the end of the year.
As for the casinos themselves, the Golden Nugget has a stronghold on first place, breaking the $6 million mark for the third time this year. Borgata came in second with nearly $4.2 million, while Resorts narrowly beat out the Tropicana for third place with nearly $3.5 million. Caesars came in last with about $3.3 million.
Online Poker Situation is Getting Desperate
While New Jersey online gambling as a whole is doing great, online poker is suffering. Compared to October 2016, online poker revenue was down nearly 20 percent in October 2017, a huge blow to online poker operators.
It seems like the only thing that can save the state's online poker industry is the shared online poker liquidity compact that NJ Governor Chris Christie signed last month, which allows for a shared player pool of poker players from New Jersey, Nevada, and Delaware. (And perhaps Pennsylvania, now that it’s become the 4th state to legalize online gambling.) New Jersey online poker operators have nothing to do but wait until the compact is enacted, and then hope it will pull NJ's online poker industry out of the mire.
