New Jersey Online Casinos Pass $700 Million in Lifetime Revenue
New Jersey's legal online casinos managed an array of achievements during a strong November, including surpassing $700 million in lifetime revenue since legalization in November 2013. And with growth predicted for the year ahead, even more impressive milestones are within reach, according to analysts from PlayNJ.
"New Jersey could see lifetime revenue hit the $1 billion mark by the end of 2018," said PlayNJ lead analyst Steve Ruddock. "There's the potential for super-sized growth in the year ahead. New Jersey is already in the process of linking up with Nevada and Delaware, and is exploring even more liquidity sharing options with Pennsylvania and international markets. This player pooling could be a key driver of growth as the market enters its fifth year."
The state's regulated online casinos combined to generate $20.6 million in November, according to the New Jersey Division of Gaming Enforcement's Monthly Internet Gross Revenue Report. The ninth consecutive month that online casinos have posted more than $20 million in gross revenue, November's tally was essentially even with $20.6 million October and up 20% from $17.2 million in November 2016.
Through 30 November, New Jersey's online casinos have now generated a record $224.85 million in annual gross revenue, and $701.7 million since the industry's inception.
Ruddock said, "To put the state's online gaming growth into perspective, New Jersey online casinos will generate some $245 to $250 million in 2017. That is better than 100% more than the industry generated in 2014, when total yearly revenue was just $123 million."
November pushed the state's online gambling industry toward extraordinary annual gross revenue and tax revenue tallies:
- Annual gross revenue for 2017 is well past the $196.7 million record for annual revenue that the industry set in 2016 and on pace to fall just shy of the quarter of a billion dollar mark for 2017.
- New Jersey online casinos paid $3.6 million in taxes in November, pushing the collection to $39.3 million for the year. Since New Jersey legalized and regulated online gambling, the Garden State's online casinos have generated $122.8 million in tax revenue for the state.
- Online casino games generated $18.8 million in November and surpassed $200 million in annual revenue for the year. With $202.5 million for 2017, online casino games have generated $596.04 million in lifetime revenue.
- Online poker brought in $1.8 million last month to push the annual total to $22.3 million. Online poker has now generated $104.9 million in lifetime revenue.
"With expanded product offerings such as live dealer casino games and virtual sports, and the entrance of new brands into the market, the importance of online gambling to the health of the Atlantic City casino industry will only increase in 2018," Ruddock said.
Some other key points from the November report:
Online casinos generated $687,007 per day during the 30 days in November, which included the Thanksgiving and Veteran's Day holidays. That is up from $663,471 per day during the 31 days in October.
In 2017, New Jersey's online casinos have averaged $20.4 million per month in gross revenue. The record for a month is $21.7 million, set in March 2017.
Golden Nugget - Atlantic City, home to the Golden Nugget Casino, Betfair - New Jersey and SugarHouse Online Casino brands, amassed $6.2 million in gross revenue to lead all licensees in November.
For more information and analysis on regulated online gaming in New Jersey, visit PlayNJ.
