New Jersey’s legal online casinos hauled in enough gaming revenue to post another banner month in March, and that helped the industry hit some crucial milestones — including $80m in total tax revenue.
The New Jersey Monthly Internet Gross Revenue Report, which was released Wednesday by the state’s Division of Gaming Enforcement, showed that legal online casinos generated a record $21.7m in gross revenue in March. That is the first month revenue has exceeded $20m and it pushes New Jersey past $536.5m in total revenue since the state legalized online casino games and poker in 2013.
In addition to tax revenue, the key milestones hit include three New Jersey legal online casinos passing significant revenue marks including Borgata Hotel Casino & Spa surpassing $150m since its launch, Tropicana Casino & Resort crossing $100m in total revenue and Resorts Digital Gaming passing the $50m mark.
“Nearly three-and-a-half years since its inception, the train that is the New Jersey online gambling industry continues to gather steam,” said Robert DellaFave, senior analyst for PlayNJ.com.
The vast majority of the revenue generated online is from new customers, rather than existing customers simply shifting their spend online. Executives from Borgata, Caesars Interactive Entertainment, and Golden Nugget Atlantic City have all confirmed in statements that more than 80 percent of their online customers are new to their casinos.
“Any fears that land-based gamblers are trading in their chips and slot pulls for their online equivalents are misguided,” DellaFave said. “New Jersey online gambling revenue largely comes from players that have never set foot inside an Atlantic City casino. Online gambling is a critical component of Atlantic City’s revitalization efforts.”