New Jersey sees gaming revenue grow 24% in August

New Jersey sees gaming revenue grow 24% in August

Thursday, September 13, 2018 Posted by News Team
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Figures for the month include first contribution from online and mobile sports betting

The New Jersey Division of Gaming Enforcement has reported a 24.1% increase in total gaming gaming revenue for the month of August, including a $9.2m contribution from sports betting. 

Total gaming revenue grew to $303.9m, which included the second full-month contribution from sports betting, which was legalised on June 11th then launched three days later. 

Casino win accounted for the majority of this sum with the state’s 11 land-based casinos reporting a 20.7% year-on-year increase in revenue to $269.9m. Slot machines were the most popular product in the casinos, contributing $196.4m of the total, with a further $73.6m coming from table games. 

The Borgata Casino Hotel and Spa was the most popular land-based venue, with its casino revenue up 0.7 per cent from August 2017, to $70.9m. Tropicana Atlantic City saw casino win decline 4.3% year-on-year, but remained second in terms of revenue, generating $32.2m. Despite reporting a 3% drop in revenue to $31.3m for the month, Harrah’s Atlantic City took third place.

Meanwhile total internet gaming revenue for August was up 16.6% on the previous year at $24.8m. 

Customers continue to prefer casino games to online poker. Poker (or peer-to-peer games) revenue was down 12.8% to $1.8m for the month, while revenue from online casino jumped 19.8% to $23.0m. 

Golden Nugget Atlantic City has emerged as the clear market leader in iGaming, and consolidated its position further in August with a 57% year-on-year increase in revenue to $8.2m. Its closest challenger, the Borgata, saw internet gaming revenue increase 8.4% to $4.7m, while Resorts Digital reported a 14.3% jump in revenue to $4.0m. 

Atlantic City’s newest casinos, Hard Rock and Ocean Resort, generated iGaming revenue of $481,803 and $385,802 respectively.

Finally, sports wagering, including the first contributions from online and mobile wagering, contributed $9.2m to the state’s total gaming revenue for August. Of the $9.2m, $5.2m came from casino operators that have launched sports wagering, with the other $4.0m coming from the state’s licensed racetracks, Meadowlands and Monmouth Park. 

The FanDuel-powered Monmouth Park offering remains the market-leader with revenue of $3.1m, followed by Resorts Digital, which has partnered DraftKings and contributed $3.0m towards the total. Resorts’ SBTech-powered land-based sports betting business generated an additional $98,087. DraftKings was the first to launch online sports betting on August 1st, and it was not until MGM followed on August 22nd that another operator entered the channel, quickly followed by SugarHouse a day later. 

This means online wagering is set to grow further, both as a result of more brands launching online and the start of the National Football League (NFL) season in September.

Monmouth Park, which is partnered with William Hill and took the state’s first legal bets in June, generated revenue of 898,017.

Total gaming taxes for August were $23.8m. This included 8% of taxable casino gross revenue at $19.2m, followed by 15% of internet gaming gross revenue of $3.7m. A further $515,676 was paid, representing 8.5% on casino and racetrack sports betting gross revenue, with the 13% tax on online sports betting gross revenue contributing a further $406,026.

For the year to date, total gaming revenue is up 3.5 per cent on 2017 at $1.87bn. Casino revenue accounts for $1.66bn of the total, followed by $190.2m from online gaming. Sports betting has generated revenue of $16.5m since its launch in June.

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