New Jersey’s legal online casinos surpassed $700m in lifetime revenue during November, and growth is expected to continue, according to analysts from PlayNJ.com.
“New Jersey could see lifetime revenue hit the $1bn mark by the end of 2018,” said PlayNJ.com lead analyst Steve Ruddock. “There’s the potential for super-sized growth in the year ahead. Partnerships with Nevada, Delaware, Pennsylvania, and international markets could be a key driver as the market enters its fifth year.”
The state’s regulated online casinos generated $20.6m in November, essentially even with $20.6min October and up 20 percent from $17.2 million in November 2016.
“To put the state’s online gaming growth into perspective,” Ruddock said, “New Jersey online casinos will generate nearly $250 million in 2017. That’s over 100 percent more than the industry generated in 2014.”
November pushed the state’s online gambling industry toward extraordinary annual tallies. With $224.85m so far, 2017 is well past the $196.7m record for annual revenue that the industry set in 2016 and on pace to fall just shy of the quarter of a billion dollar mark for 2017. The industry has generated $701.7m since inception. New Jersey online casinos paid $3.6m in taxes in November, pushing the collection to $39.3m for 2017. Since New Jersey legalized and regulated online gambling, the state has realised $122.8m in tax revenue.
Online casino games generated $18.8m in November. With $202.5m for 2017, online casino games have generated $596.04m in lifetime revenue.
Online poker brought in $1.8m last month to push the annual total to $22.3m. Online poker has now generated $104.9m in lifetime revenue.
“With new products like live dealer casino games and virtual sports, and the entrance of new brands, the importance of online gambling to the health of Atlantic City will only increase in 2018,” Mr. Ruddock said.