$20 Million Is The New Normal For NJ Online Casino Site Revenues
September was the seventh-straight month revenue for the online gambling sites in Atlantic City exceeded $20 million. This benchmark which seemed so unsustainable just a year ago is now the new normal.
Moreover, online revenue in September helped pushed total casino revenue in New Jersey to more than $235 million. Online gambling revenue now accounts for 10 percent of casino revenue in the state.
It also helped the industry move towards a second-straight year with revenues trending up. This, after a decade of decline.
New Jersey online casino revenue up 30 percent YOY
Once again, online casino revenue posted massive year-over-year increases. Since the launch of online gambling in 2013, the state still has not experienced a month with a year-over-year decline.
In September, revenue across the online casino sites came in at $18.5 million. This is a 30 percent increase from September 2016.
If there is any downside, it is a slight decline from August. But only slight. The difference is less than half a percent, so it is more accurate to say casino revenues are stagnant as opposed to down.
As usual, Golden Nugget was at the front of the pack. The market leader took in over $5.7 million last month, compared to $3.6 million this time last year. That is an increase of more than 56 percent.
In 2016, Golden Nugget was just starting to establish itself as the site to beat, with small margins separating the sites. Now, the cavernous gap between Golden Nugget and the rest amounts to a difference of more than $2 million.
The contenders at the front of the chase pack are Borgata and Tropicana, with $3.6 million and $3.4 million in casino revenue, respectively. Resorts Casino and Caesars bring up the rear with roughly $2.8 million in September earnings each.[i15-table tableid=5245]
Online poker still struggling in the Garden State
Once again, a great month for casinos comes with a not-so-great month for online poker. The industry failed to surpass $2 million on the month. Instead, the combined site revenue was $1.9 million. This is a 5.6 percent drop from this time last year.
Not only is online poker not growing in New Jersey. It is shrinking.
PokerStars led the way with just over $700,000 in revenue, but it is a 4.85 percent drop from 2016. WSOP.com experienced a steeper, 12.4 percent drop, taking in just $561,000. Only Borgata Poker held steady with around $632,000 in revenue.
There is hope for the online poker sites, though. On Friday, New Jersey officials announced the state is going to pool players with both Nevada and Delaware. While the pool is only incrementally larger, it might be exactly the shot in the arm to push online poker back over $2 million a month in revenue.