Record Online Gaming Revenue Propels New Jersey To 18th Straight Month Of GrowthOnline Gaming Operators Won $49.1 Million Of $306 Million GGR |
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If New Jersey is any indicator of the health of a gaming market, then other states need to implement online gambling and sports betting as soon as possible.
New Jersey operators set a record for monthly internet gaming revenue in November. The online record helped spark the state’s 18th straight month of year-over-year revenue growth, according to numbers released by the New Jersey Department of Gaming Enforcement.
Online platforms won $49.1 million throughout the month, which represented a whopping 82.4 percent increase from November 2018. It was 16 percent of the state’s $306 million gross gaming revenue. The states GGR was up 18.9 percent after it totaled $257.4 million in November 2018. It was up slightly from October’s $293.9 million win.
Online outlets also played a huge role in the Garden State’s sports betting operations. Sportsbooks, both online and retail, won $32.9 million, good for a 54.8 percent increase.
A record amount of the total sports betting handle was bet on the internet, however. Of the total $562.7 million sports betting handle, $468.8 million of that money was wagered through an online book.
Traditional casino gaming was up 7.1 percent in November as Atlantic City’s nine casinos won $224 million from table games and slot machines.
Through the first 11 months of 2019, the gaming industry as a whole has won $3.181 billion, a 20 percent increase from the same period in 2018. Sports betting and online gaming make up most of that increase.
In 2019, $111.2 million was won by sports betting operators and $433.4 million by online gaming platforms. In 2018, those two gambling facets won $40.8 million and $269.7 million through the same time frame, respectively.
It’s not completely an apples-to-apples comparison with sports betting, however, since it wasn’t offered for all of 2018. But it does have nearly triple the revenue in only about twice as much time to offer the service.
When was the last time New Jersey experienced a year-over-year revenue decrease? May 2018. The month sports betting was launched.
Only two of Atlantic City’s nine casinos experienced a downturn in revenue. Bally’s Atlantic City saw a 2.9 percent drop with its $14.1 million in revenue and Tropicana took a 4.8 percent hit to its bottom line.
As always, the Borgata was the state’s highest-grossing casino with $69.3 million, up 12.5 percent. Ocean Resort saw the largest increase in terms of percentage, with a 48.2 percent jump thanks to its $22.6 million reported revenue.
Golden Nugget experienced a 41 percent uptick with 36.25 million in earnings. It was the state’s second-highest-grossing casino. Caesars also experienced serious growth with a 27 percent increase.
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