New Jersey internet gambling is off to a slow start, but nearly everyone involved or interested in it expects online betting to gain steam in 2014. The key question remains: Just how much better will things get? Figures released last week by the state Division of Gaming Enforcement showed New Jersey’s 15 authorized online gambling sites took in $8.4 million between the November 21st launch and the end of the year.
At that rate, New Jersey internet gambling would bring in less than $100 million for the year – far less than the $200 million to $300 million many analysts forecast and about 10 percent of the $1 billion in revenue Governor Chris Christie said he was counting on when he signed the bill legalizing it.
“Everybody needs to take into consideration that this industry is in its infancy,” said Tony Rodio, president of the Tropicana Casino and Resort. “There will be mobile applications, and a lot of the slot content isn’t operational yet. I’m encouraged by how many user accounts that people have signed up for and that there’s interest in it,” he said. “You’ll see this grow quickly.”
As of January 12th, users had created 155,374 accounts with Garden State gambling sites, though officials say many users have accounts on more than one site. Rodio predicted the addition of Internet gambling will be enough to end a seven-year losing streak for Atlantic City’s casinos, whose revenue has fallen every year since 2007, when neighboring Pennsylvania ramped up its own casino industry.
Two companies are dominating the New Jersey internet gambling market in the early going. The Borgata Hotel Casino & Spa, with its Party Poker online brand, took in more than $3.7 million. Caesars Interactive, which runs sites including the WSOP and 888 brands, won nearly $2.4 million.
Other competitors lagged badly in the online market. The Trump Taj Mahal Casino Resort and its ucasino brand won $883,000. The Tropicana Casino and Resort won $748,000, Trump Plaza Hotel Casino and its Betfair online brand won $427,000 and the Golden Nugget, whose launch was delayed for weeks by technical problems, won $179,000.
Thomas Winter, Golden Nugget Vice President of online gambling, said the casino is pleased with its start and is expecting substantial growth of 20 percent per month this year. Right now the casino accounts for 4 percent of New Jersey’s online market, but it expects to win 7 to 10 percent of the market “over time,” he said. Read more about New Jersey internet gambling growth when you visit the Washington Times website.
