Knock, Knock: Will NJ Online Casinos Open The Door To $50 Million In Revenue?

Posted on December 16, 2019 - Last Updated on January 14, 2020

Historically, New Jersey online casino revenue in November is typically flat when compared with October.

Well, that’s not the case this year.

NJ online casinos earned $47,645,412 with online poker bringing in another $1,492,494. That means it was another record-setting month in the Garden State.

The total online gambling revenue of $49,137,906 is 12.3% above October’s revenue and puts the online casino industry within reach of hit another big milestone: $50 million in revenue. While that is impressive, it is the 82.3% increase over the same period last year that is making headlines.

Here’s a look at the top-line numbers.

Revenue / ∆ Month Over Month / ∆ Year Over Year:

  • Total: $49.1 million / +12.3% / +82.37%
  • Online casinos: $47.6 million / +13.0% / +87.7%
  • Online poker: $1.5 million / -5.98% / -4.43%
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November 2019 NJ online casino highlights

There is a lot to unpack in this month’s revenue report, including these highlights:

  • NJ online casino revenue sets a new record and records the highest year-over-over increase since its launch.
  • Online poker in NJ posted its third-largest decrease of the year when compared with the previous month.
  • Four NJ casino operators posted record revenue for the month.
  • Golden Nugget not only continues to dominate the market, but it is also gaining market share.

Contributing to the record numbers are the four casinos that posted revenue records:

  1. Golden Nugget
  2. Resorts
  3. Borgata
  4. Ocean Casino

Ocean Casino is the surprise name on that list. However, its revenue is still in the mid-six figures, and it has a long way to go before catching up to the pack.

It is worth noting, the monthly year-over-year increase percentage for overall casino revenue has not fallen below 30% since October 2018. In fact, for 2019, only one month fell below 50%.

Even so, an 82% increase is pretty remarkable for a time of year that is typically slower than the rest. The next largest year-over-year increase came last month at 69%.

November’s month-over-month increase is also a record by a lot.

When comparing November to October, here are the increases by year:

  • 2019: 8.68%
  • 2018: 0.71%
  • 2017: 0.21%
  • 2016: 3.02%
  • 2015: 2.79%
  • 2014: -14.15%

Then there is poker.

Poker might be struggling more than usual with the launch of PokerStars in Pennsylvania.

PokerStars ran its popular Championship of Online Poker (PACOOP) during the first two weeks of December. It would not be surprising for December’s revenue report to also show a significant decline.

AC online casino market share

What is not a surprise is Golden Nugget’s place at the top of the podium. It is holding on strong to first place, and it is hard to imagine what it will take to overcome its lead.

At the end of 2018, Golden Nugget commanded 35.09% of the market. At the end of November 2019, Golden Nugget holds a 38.5% market share, its largest share percentage to date.

Market Share for NJ Online casinos in Nov. 2019

A closer look at New Jersey online gambling

There wasn’t any movement among AC casinos in the month of November. Golden Nugget remains on top, followed by Resorts and Borgata.

Resorts produced the largest year-over-year growth (207.55%), thanks in part to DraftKings Casino.

As expected, the bottom three also remained the same:

Tropicana is the only casino posting a month-over-month decline (-5.4%). It also lost slightly more than 1% of its market share this month, but more than 3% since the beginning of the year. To put that in perspective, this month, each percent is worth about half-million dollars.

Ocean Casino, on the other hand, is the only casino to have a decline in year-over-year revenue (-24.89%). November 2018 was Ocean Casino’s highest earnings month of $731,887. While the casino has seen some slight increases of late, it’s been pretty much downhill since then.

OperatorPoker RevenueCasino RevenueTotal Gaming WinTaxes Paid
Borgata / Party / BetMGM$393,797$7,826,500$8,220,297$1,239,101
Caesars / Harrah's / 888$618,677$3,982,278$4,600,955$690,861
Golden Nugget / Betfair / BetAmerica / SugarHouse$-$18,934,909$18,934,909$2,841,505
Hard Rock / Unibet / Bet365$- $2,169,113$2,169,113$325,367
Ocean Casino / Parx Casino$- $549,740$549,740$82,487
Resorts AC / DraftKings / PokerStars$480,020$10,508,784$10,988,804$1,648,320
Tropicana / Virgin$- $3,674,088$3,674,088$551,113
Totals$1,492,494$47,645,412$49,137,906$7,378,754

What the November NJ online casino revenue report tells us

While historical revenue helps predict future trends, this year has been anything but predictable.

The year started with a record-setting month and hasn’t looked back.

The market welcomed four new NJ online casinos this year. One of those casinos is under the Golden Nugget license, which can help explain some of its increase in market share.

However, the real story is that new online casinos don’t seem to be cannibalizing customers from existing operators. Instead, the market is expanding as the operator list grows.

There were three months in 2019 where revenue didn’t exceed the revenue from the month prior: February, April and June. Those months tend to be slow, and you can see similar patterns in previous years. In that sense, history seems to be repeating itself.

Last year at this time, we were busy trying to predict when New Jersey online gambling would hit $30 million in revenue. Now, we are trying to guess when it will hit $50 million.

If you look at the revenue percentage increase from November to December 2108 (7.6%), then 2019 will likely end on a high note.

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Kim Yuhl

Kim Yuhl has been covering the US online gambling market since 2013. Her work is featured on various sites and covers sports betting, online casino gambling, and online poker. Kim is a full-time traveler and vlogger and is currently slow traveling to 60 countries. You can follow her travels at kimandway.com and on YouTube at kimandway.

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