NJ sees some hope despite further online decline

NJ sees some hope despite further online decline

Monday, December 15, 2014 Totally Gaming

Online gambling revenue in New Jersey fell again in November, but the head of the US state’s gaming regulator believes there is some cause for hope.

Internet gaming win for November amounted to $8.7m (€7m), which is well down on the $9.5m generated in the previous month. The loss represents the third consecutive month of decline in online gaming revenue for New Jersey.

The amount generated in November is way below the $10.5m recorded in August, the last month in which the state recorded month-on-month growth in the sector. 

After a dismal year, in which four Atlantic City casinos have closed, total gaming win for the entire industry was down 10.3 percent year-on-year at $202m. However, when considering continuing operations, total win for the remaining eight casinos and the online sector was up 11.5 percent.

Matt Levinson, chairman of the New Jersey Casino Control Commission, said: “While these are difficult times and a lot of casino employees are out of work, several of the current operators have increased staff over last November’s levels. These results show that the market is absorbing the impact of recent casino closures, and most of the current operators are improving.”

New Jersey saw the launch of its first online gambling website on November 26, 2013, and a year later the state has now generated revenues of $119.5m, 75.9 percent of which came from casino games and 24.1 percent from poker. A total of 506,172 accounts have also been created over the past twelve months.

Borgata, in partnership with online poker brand PartyPoker, continues to lead the New Jersey online gaming market after it generated $3.4m in November, up slightly from the $3.2m posted in the previous month.

Caesars Entertainment collected just $1.1m in November compared to $2.49 in October - a 44.81 percent drop - however, much of that drop was due to a $1.3m jackpot payout.

Betfair, while partnered with Trump Taj Mahal until November 21, saw a drop in revenue, pulling in just $539,547, which was down almost 37 percent from October. Betfair switched its casino-only operation to Golden Nugget, which was November's biggest gainer, jumping 33% to $1.5 million.

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