Interactive
US – New Jersey records second ever highest online month
By Phil - 18 June 2018
New Jersey’s legal online gambling industry continued to show strength in May, generating the second-highest gross revenue total in the industry’s nearly five-year history.
But with legal sports betting now rolling out, New Jersey’s online casino industry is entering a new era of growth, according to analysts.
“Legal sports betting will add rocket fuel to the already-impressive growth rates for New Jersey’s legal online casinos,” said Steve Ruddock, lead analyst for PlayNJ.com. “Online sports betting should reach thousands of new customers and inject millions of dollars into what is already a thriving industry.”
New Jersey online casinos tallied $24.3min gross revenue, generating $4.3m in taxes, in May. Revenue was up 5.6 per cent from $23.02m in April.
PlayNJ.com research forecasts that New Jersey’s sports betting market could be worth more than $500m annually at maturity, with nearly half coming from online sports betting. Daily fantasy sports titans DraftKings and FanDuel are already preparing to open online sportsbooks and launch casino games in New Jersey.
“DraftKings and FanDuel add splashy brands to New Jersey’s online gambling market, and will help energise the industry,” Mr. Ruddock said. “The addition of sports betting will also create crossover customers that will expand the revenue pie for online casino games.”
An interstate online poker pact took effect on May 1. As a result, revenue climbed to $1.9m in May from $1.8m in April.
“This is good news for online poker, which has languished in recent years,” Mr. Ruddock said. “An expansion in the player pool should pay dividends for what has become an almost forgotten vertical.”
The Golden Nugget set another monthly record with $8.6m in May, and surpassed $200m in lifetime revenue. Legal online casinos have now generated $116.9m in 2018. The industry generated $783,956 in the 31 days in May, up from the 767,292 per day in the 30 days of April.
