New Jersey Online Gambling Keeps Revenue Records Rolling
New Jersey’s regulated online gambling market is picking up steam and, judging by recent revenue reports, is in as good a space as it’s ever seen. According to recently released figures from the NJ Department of Gaming Revenue, October was the eight consecutive month in which Garden State online gambling operators have seen revenue shoot north of $20 million.
As is so often the case, New Jersey’s big month was a bit of good new/bad news. The revenue surge was confined exclusively to the casino gaming sector. All told, casino games accounted for approximately $18.5 million of the October revenue.
On the online poker side of the business gains were nowhere to be found and revenue actually declined by almost 20 percent. The Garden State’s combined online poker revenue for October totaled a measly $1.93 million. The lackluster condition of New Jersey’s online poker market is not entirely unexpected. The player pool is relatively small and, it seems, many of the casual players who were burned, or just burned out by, the upheaval of Black Friday so many years ago.
All told, revenue clocked in at an impressive $20.5 million for the month of October. That’s up from just $16.7 million generated during October of 2016.
In what is an emerging pattern of online casino dominance, the Golden Nugget was the big winner for the month, posting $6.14 million from its family of online gambling sites. The company set a personal best for online revenue in July with $6.2 million, so clearly they’re doing something right.
New Jersey’s solid month shows that, given time, it’s possible to nurture a regulated online gambling market in the United States, but these markets simply don’t develop overnight.