NJ Online Gambling and Sports Betting Industries Are Thriving
Published December 18, 2018 by Elana K
New Jersey online gambling revenue hit a record high in November, with $26.94 million generated from the state's online casinos. Sports betting is also thriving, with betting revenue nearly hitting the $1 billion mark.
The New Jersey Division of Gaming Enforcement (DGE) has released the state’s total revenue from online gambling and poker in November, and it’s another record-breaker. The past month saw a total of $26.94 million in revenue, a slight increase from the state’s previous record, $26.75 million, which was hit in October. It seems that nearly every month is a record-breaking month for New Jersey’s online gambling industry.
Online Poker Continues to Struggle
Just as online gambling revenue is continuing to climb, online poker is continuing to struggle. November’s total revenue hit a record high in spite of online poker’s poor performance. In fact, online poker set a record-low in November, bringing in only $1.56 million. The previous record-low for online poker was in September of this year, at $1.6 million.
The Leading Casinos
As has been the case for the better part of the past year, the Golden Nugget brought in the most income, a staggering $9.2 million. Borgata sites came in second place with $4.8 million, nearly half of the Golden Nugget’s take. Caesars Interactive reached third place with $3.9 million; $637 came from online poker. Resorts Digital came in fourth place with a bit under $3.6 million, $530k of which came from online poker. And Tropicana came in fifth place with $3.4 million, which is significant considering the casino doesn’t offer online poker.
New Jersey Sports Betting Climbing
The DGE also released the figures from New Jersey’s sports betting income in November. Up and running for a mere 6 months, sports betting revenue nearly hit the $1 billion mark, with $928 million in bets having been placed since its launch. In total, the state’s sports books have taken in over $330 million worth of bets. Revenue is expected to climb further when self-serving betting kiosks are installed, which should occur sometime around New Year’s.
Any states that are considering legalizing online gambling and sports betting can look no further than New Jersey for lessons on how to succeed.
