The New Jersey Division of Gaming Enforcement (DGE) has shared the latest Total Gaming Revenue Results report, confirming that the gambling market (both online and brick and mortar casinos) in the Garden State remains strong and continues to grow steadily. Let’s not forget that Atlantic City is almost as famous as Las Vegas, and gambling has been legal since 1976.
In February 2020, the Total Gaming Revenue was $287.3 million, 19.1% more compared to the same month last year ($241.2 million). Broken down by industry, the results are as follows:
Casino Win: $218.3M (11% more than in the same month last year);
Internet Gaming Win: $52.0M (a massive increase of 63% from February 2019);
Sports Wagering Gross Revenue: $17.0 million
If we compare the first two months of 2020, the combined revenue of the Industry is $587.8 million, representing a 24.8% increase from $470.8M in 2019. The Casino industry led the market with 76% of the revenue, although the results of the Internet Gaming and Sports Betting are promising for the future.
The best results were achieved by the Sports betting industry, which went from $31M revenue in the first two months of 2019 to $70.5M in the current period, an incredible 123.9% increase. In total, New Jersey citizens wagered over $1 billion in sports during 2020.
New Jersey secured $25.7 million in taxes in February 2020 and $54M accumulated in the current year.
Why Does the Internet Gaming grow Over 50% in a Year?
The largest casinos in New Jersey are making significant efforts to promote their online services to their customers. Some sites like Borgata, Golden Nugget, Hard Rock, and Resorts Digital have surprising results of over 50% growth. Large events like the Super Bowl are undoubtedly related to these excellent results.
Many online gambling companies like The Stars Group or GVC Holdings have partnered with those gambling giants, and the good results are mainly due to a renewed interest of gamblers who are drawn to exciting new promotions.
On the other hand, sites like FairGo Casino still operate on the market and have a decent share of players. Such casinos still offer a fairly safe and cheap way to bet online.
Some small games like online poker (which is world-famous but not so popular in New Jersey) have red numbers, with a profit of $1.796.804 in February 2020, which is 0.8% less compared to the same month of last year.
New Jersey legalized online gambling in 2013, and now just seven years later, it represents almost 20% of the total gaming revenue, proving that the Garden State made the right decision as the tax income has briefly grown, and the regulated market is expanding as well.
In the following months, the Coronavirus pandemic will influence these numbers, especially in the Internet Gaming, where online casinos should experience a boost as more players are choosing to stay home. And, of course, the brick and mortar casinos must be prepared to adapt their offer to react to this situation and keep growing as in recent months.
