New Jersey online gambling sets new records in July

New Jersey’s online gambling sector continued on its upward curve in July 2018, with a new record for revenues set at $25.9 million… a good $300,000 improvement on the previous record set in March this year (see previous report).

On a year-on-year basis, July’s revenues exceeded those of a year earlier by $5.3 million, according to New Jersey gambling regulator the Division for Gaming Enforcement.

The online casino vertical once again accounted for the bulk of the revenue in July, reporting revenue up almost 30 percent to overtake the $24 million benchmark. Online poker continued to disappoint, with revenue down 8 percent at just $1.85 million.

On a year-to-date basis total online gambling revenues in the Garden State are up 16.5 percent at $165.4 million, made up of online casino (up 19.7 percent at $152.4 million) and online poker (down 11 percent at $13 million)
Golden Nugget again led the New Jersey online market on $9.3 million in revenue – an improvement over its previous best month of $8.65 million set in March this year. Borgata trailed on $4.9 million, and Resorts Digital Gaming came in at third with $3.94 million.

Caesars Interactive Entertainment took fourth place on $3.8 million, with a healthy $728,000 contribution from poker, whilst Tropicana took the fifth spot on $3.35 million.

Newcomers Ocean Resort Casino and the Hard Rock Atlantic City recorded respectively $250,000 and $330,000 in revenues.

The newly legalised sports betting action recorded its first full month of operations, posting wagers of $40.7 million in July, and generating $3.8million in revenue. Legalised sports betting commenced mid-June in the state.

The existing operators were joined on July 14 by FanDuel Group sportsbook at Meadowlands Racetrack, and by Caesar’s Entertainment sportsbook which opened at Bally’s – Atlantic City on July 30 July, and later at Harrah’s Resort Atlantic City on August 1 (see previous reports).

FanDuel could be the one to watch, in just the second half of July it recorded gross revenue of $1.35 million

Ocean Resort, which opened June 28, led the sportsbook full July roster with gross revenue of $1.03 million, followed by Monmouth Park on $856,280 in July gross revenue. August should see a better company comparison with all operators completing a full month of activity.

Observers are predicting that New Jersey will have as many as twelve online sportsbooks by the end of 2018.