Monday, November 20, 2017

In New Jersey, for the seventh straight month, the state’s regulated online casinos exceeded $20 million in monthly revenue in September hitting key milestones, according to PlayNJ.com analysts.

Released Thursday, the state’s Monthly Internet Gross Revenue Report indicates regulated online casinos in New Jersey combined to generate $20.4 million last month. While less than the $21.3 million generated in August, it is a 26 percent increase from September 2016. According to the report, during the month of September, online casinos in New Jersey generated $657.799 per day.

Lead analyst for PlayNJ.com, Steve Ruddock, said, “Online gambling now accounts for some 10 percent of all casino revenue generated by Atlantic City casinos, which is a staggering total for such a young industry,” according to G3 Newswire. Ruddock added, “The bottom line is that legal online gambling has become an incredibly competitive market with many winners, and that has undoubtedly been a boon for New Jersey.”

Through September 31, online casinos in New Jersey have reportedly generated $183.7 million in gross revenue. That, according to the report, puts the industry in the state on pace to make it to two hundred and fifty million dollars in gross revenue in 2017. If that happens, it will by far surpass the $196.7 million that online casinos in New Jersey generated last year.

During September, the state’s seven brick-and-mortar casinos reportedly generated $235.8 million, an increase of 4.1 percent year-on-year from the same time last year.

The Golden Nugget’s numbers were up by 14.1 percent at $24.6 million, from the total recorded for the same time last year, while the Tropicana casino increased by 13.7 percent, generating $33.2 million in September.

Also reporting increases in revenue were Harrah’s and Borgata, up 8.1 percent and 9.6 percent respectively, while Caesars, Bally’s and Resorts World reported year-on-year increases of 0.1 percent, 1.7 percent and 5.4 percent, respectively, for September.

Ruddock said, while Atlantic City casinos once struggled, currently they are the healthier than they’ve been in years, and the legal online gambling market in New Jersey has played a role in that recovery.

New Jersey’s online casinos hit more milestones in Sept. was last modified: October 14th, 2017 by K Morrison