New Jersey’s legal online gambling industry closed a record-setting quarter with a record-shattering March, continuing to buoy the state’s gaming industry, according to PlayNJ.com analysts.
“The revenue records grab headlines, but the story doesn’t end there,” said PlayNJ.com lead analyst Steve Ruddock. “Online gaming is increasingly important to the bottom line of every casino operator in New Jersey. It was a key factor in the gaming industry’s 23.7 per cent increase in gross operating profit in Q4 2017.”
New Jersey online casinos generated $25.6m in gross revenue in March, up 16.3 per cent percent from February’s $21.99 million.
New Jersey has now amassed $69.5 million in total revenue this year, up 17.3 percent from $59.3 million in Q1 2017. The three months of 2018 represent the three highest monthly revenue totals since New Jersey legalized and regulated online gambling in 2013.
“Online casinos were able to produce another incredible month of revenue as the market for these games continues to grow,” Ruddock said. “Few obvious signs of a slow down exist.”
Borgata Hotel Casino & Spa became the first first license holder to surpass $200m in total gaming win ($201.8m) after generating $4.6m in March.
The Golden Nugget posted a record $8.7m in March, up 9.8 per cent from $7.9m in February.
“The Golden Nugget has become a bellwether for New Jersey. As it goes, so goes the state’s legal online gambling industry,” Ruddock said.
New Jersey is on pace to tally $278.1m this year. The industry generated $825,168 per day in the 31 days of March, up from $785,433 per day in February. New Jersey online casinos paid $4.5m in taxes to the state in March.
Online casino games generated $23.6m in March; online poker brought in $1.97m.