Not surprisingly, New Jersey iGaming revenues took a hit in September, dropping 2.8%. What was a big surprise was the performances put out by Golden Nugget and Betfair. Golden Nugget posted their best month yet while Betfair improved on earnings despite not having a casino partner.
On Wednesday, the New Jersey Division of Gaming enforcement released iGaming numbers for September and things could have been worse considering the upheaval in the state during the month. The state took in $10.24 million in revenue in September, down only 2.8% from August.
As expected, the departure of Ultimate Gaming from the market slightly impacted numbers but one site that surprised most was Betfair. Trump Plaza closed their doors in September and the DGE allowed Betfair to continue operations while they sought a new partner.
While some expected revenues to drop, the company actually gained 7.5% month-over-month to finish at $767,870. While this made them dead last in the state in terms of revenue earned, the gain gives the company some hope in competing in the future.
Speaking of competing, Golden Nugget had its best month yet and posted $1.08 million in iGaming win. This was a staggering 27.52% jump from last month. Some of this win could have come from customers transitioning from Ultimate Gaming.
Tropicana saw their winning streak come to an end in September, dropping approximately 9% to $2.04 million. The Trop continues to be the big surprise in New Jersey iGaming. They have managed to hang with Borgata and Caesars despite only offering house backed iGaming.
Borgata and Caesars both posted nominal losses for the month and still retain the majority of the market share in New Jersey iGaming. One noticeable difference was a 10% drop in online poker earnings for Caesars compared to August. Fortunately, they made up the difference in other areas.
For the year, New Jersey has pulled in a total of $93.91 million in iGaming win. Borgata and Caesars lead the way with $34.08 and $26.6 million respectively. Tropicana continues to be a solid alternative for general iGaming with over $16.1 million in win for the year. Golden Nugget is beginning to carve out its own niche and is up to $6.14 million in earnings. Betfair is last with $5.82 million. The now defunct Ultimate Gaming NJ made up the rest, contributing $5.14 million in iGaming win for 2014.