[toc]Five consecutive months of record-setting revenue and six consecutive months of growth, that’s the top line takeaway from the March revenue report released by the New Jersey Division of Gaming Enforcement on Wednesday.
For the first time, New Jersey’s online gaming operators topped the $15 million mark, putting the industry on pace for a $180 million haul in 2015, with $200 million not entirely out of reach, if the current year-over-year growth trends continue.
As was the case in February, four of the state’s online gaming operators tallied over $3 million in total online gaming revenue during the month of March. And for the first time in a long time, online poker revenue was on the rise, thanks to the long-awaited debut of PokerStars midway through the month.
Not all sunshine and puppy dogs
Year-over-year growth remains impressive (18 percent in March), but month-over-month gains seem to be subsiding.
What appears to be a 6 percent increase over February’s numbers looks a little different when its placed in the proper perspective – namely, March having two more days than February. When adjusted, the industry generated about $500,225 per day in March, and $508,600 in February.
Historically, April should see the end of the string of record-revenue months, as revenue dipped from March to April in 2014 and 2015 in the New Jersey online casino market. On the other hand, April will be the first full month of PokerStars in the market, which could delay the seasonal decline.
YoY growth continues
Here is a look at the market’s percentage of YoY changes in 2016:
- January +26%
- February +42%
- March +18%
This is right in line with how the industry trended throughout 2015:
- January +18%
- February +9%
- March +10%
- April +10%
- May +19%
- June +23%
- July +24%
- August +16%
- September +15%
- October +22%
- November +51%
- December +31%
How did the individual operators do?
- Borgata: $4,226,855
- Borgata iPoker: $1,033,380
- Borgata iCasino: $3,193,475
- Caesars: $3,163,357
- Caesars iPoker: $830,007
- Caesars iCasino: $2,333,350
- Tropicana: $3,169,083
- Golden Nugget: $3,070,087
- Resorts: $1,878,097
- Resorts iPoker: $597,677
- Resorts iCasino: $1,280,420
Borgata clear frontrunner
Borgata continued its reign at the top of the market in March, besting all of its competitors by at least $1 million, or 25 percent.
Another positive sign for Borgata was its ability to keep its online poker revenue above the $1 million mark, despite the addition of PokerStars midway through the month. iPoker revenue was down, but it’s keeping its head above water.
Golden Nugget maintains February gains
After eclipsing $3 million in February (the first time Golden Nugget managed to do so since May of 2015) GN posted another $3 million month in March.
Consistency has been lacking at Golden Nugget since it launched, and the potential cause of the casino’s up and down months is something I tackled in a recent column.
Tropicana a close second
Tropicana also saw its iCasino revenue eclipse $3 million in both February and March (the last time Tropicana’s iGaming revenue was above $3 million was back in March of 2015), and the Trop nearly overtook Borgata as the top revenue generating online casino in New Jersey in March.
On a separate note, keep an eye on Tropicana’s offerings going forward. The casino’s iGaming partner, Gamesys, recently launched its first online poker product, a Spin & Go jackpot style game called “Wild Seat Poker” in the UK. If the game is successful, Gamesys could bring it to the New Jersey market.
Resorts up and down month
With the addition of PokerStars, Resorts was the biggest gainer in March. Based on the early numbers, PokerStars appears to be a $1.5 million-per-month iPoker operation, considering the site generated nearly $600k in just two weeks of operation, which includes five days of restricted access during the site’s soft launch.
Resorts did see its online casino revenue fall for the second consecutive month, but March’s dip in online casino revenue could very well have been due to a jackpot payout.
Basically, with a full month of PokerStars, Resorts could join Tropicana, Golden Nugget, Caesars, and Borgata in the $3 million per month club as soon as next month.
Resorts’ online gaming performance since launch:
- February 2015: $50,909
- March 2015: $154,071
- April 2015: $212,739
- May 2015: $324,662
- June 2015: $400,600
- July 2015: $558,316
- August 2015: $735,140
- September 2015: $944,299
- October 2015: $899,184
- November 2015: $1,215,832
- December 2015: $1,288,079
- January 2016: $1,434,295
- February 2016: $1,318,338
- March 2016: $1,878,097
Caesars strong performances continue
Caesars is officially resurgent in the New Jersey online gaming market.
The totality of Caesars’ iGaming products once again topped the $3 million mark, and along with Golden Nugget, the Caesars online casino was the only operator to post a month-over-month gain in March, as all of the industry-wide gains came on the back of PokerStars.
Historical look at iGaming revenue in NJ
*Data includes adjustments for 7-figure jackpots paid out in that month (a $1.3 million slot jackpot in June 2014 and a $1.5 million table game jackpot in February 2015).
Be sure to check our New Jersey iGaming revenue page for a detailed breakdown of online gambling revenue in the Garden State.