It was a record-setting month for online gambling in New Jersey as the industry’s total gross online gaming revenue grew over 20% month-over-month, and for the first time in the relatively short history of iGaming in the Garden State surpassed the $12 million mark.
Prior to March’s tally, New Jersey’s online gaming market had never reached $12 million in total monthly gaming revenue. However, March not only pushed past the $12 million mark, it also exceeded the $13 million mark.
Furthermore, every vertical saw a month-over-month increase.
Online poker revenue…Up.
Online casino revenue…Up.
Total online gaming revenue…Up almost 21%.
This is a very good sign, as it appears the market maturation analysts predicted before launch is finally coming to fruition.
This is also great news for online gaming in the United States, as these record-setting numbers were revealed just days before an online gambling hearing in nearby Pennsylvania.
Digging deeper into the numbers
The 21% growth in total revenue is a bit misleading, considering February’s revenue numbers were impacted by a $1.5 million payout at Betfair Casino, not to mention February having three fewer days than March.
That being said, even when we take those two factors into consideration the numbers were really solid.
Without accounting for the $1.5 million jackpot, month-over-month growth was still a very solid 10% from February to March, slightly less if we also account for the three additional days in March.
Year-over-year the industry posted a 10% increase as well.
Most of the gains were on the casino side.
Online poker revenue increased from $2.05 million to $2.22 million from February to March, but if we account for the additional days we find that it held relatively steady, with a daily handle of roughly $73,000 in February and $71,000 in March.
Borgata online casino continues to lead the way
Borgata flirted with $3 million in online casino revenue in March, and posted another million-dollar month on the online poker side.
The $1.2 million in online poker revenue continues to lead the market, as does the Borgata’s total monthly online gaming revenue of $4.2 million.
While its early dominance has been eaten away by other operators (including falling from the top spot in some verticals) Borgata continues to be the market leader thanks to its diverse offerings.
Tropicana and Golden Nugget surging
Tropicana’s ascendancy to the top of the New Jersey online casino market is quite remarkable.
The Trop’s online casino (powered by Gamesys) has impressed from day one in New Jersey, and hasn’t showed any signs of slowing down, demonstrated by the casino posting a 13.9% revenue increase in March.
Golden Nugget got off to a very slow start in the New Jersey iGaming market due in large part to some early software issues that delayed their launch roughly three weeks, but the company’s tenacity and decision to bring the wayward Betfair Casino under their umbrella has paid off in spades.
Despite being a casino-only operation, Golden Nugget nearly broke the $3 million in total gaming revenue (a 50% increase month-over-month), and is now neck-and-neck with Borgata for the number two spot (behind Tropicana) when it comes to online casino revenue.
Caesars holds steady
Caesars continues to be among the top tier of iGaming operators in New Jersey, but as has been the case all along, the company has been unable to break into the top spot in either online poker or online casino revenue.
With the rise of Golden Nugget, Caesars now sits in fourth place behind Borgata, Tropicana, and Golden Nugget in total online gaming revenue.
Historical NJ online casino revenue trend
Here is a look at New Jersey iGaming revenue historically:
And here is a look at New Jersey iGaming revenue adjusted for the two seven-figure jackpots that have been paid out (noted in red), one in June 2014 ($1.3 million) and one in February 2015 ($1.5 million):
The adjusted chart shows a positive growth trend line stretching back to December of 2014.