New Jersey Online Gambling Revenue Rises to $60.3M

New Jersey is going through the roof, and it seems like the sky is truly the limit for this online gambling marketplace. This state has seen quite a growth rate compared to their early industry beginnings.

Each online gambling business – casino, poker, sports betting – has contributed towards the whopping $60.3 million revenue in August. With another consecutive month achieving record-breaking numbers, there is much more to be expected from this industry.

New Jersey Online Gambling Turning Heads

The success rate in New Jersey is more than evident. The latest numbers for August show the combined online casino and poker revenue reaching a record for the second consecutive month. Not only did it break through the $40 million threshold, but the achievement was almost wholly credited to the online casino vertical.

Online casinos raked in $39.4 million, which is more than the combined revenue of any previous month since the industry’s launch. Sports betting is not to be disregarded either, with a separate revenue of $19,200,391. This is the second-best result since its launch last May.

According to the latest New Jersey online casino statistics, the industry is marking all the more significant progress.

• Golden Nugget is leading the way with $14,986,416 in revenue. At this rate, the leader’s revenue practically makes up for 38% of the entire market value.
• The second-runner up is Resorts Digital with a total of $7.45 million.
• Borgata is close with a $7.13 million revenue markup, slowly paving its way to the runner-up position.

As things stand, there has been a 4.5% increase since last month, and a 65.7% increase compared to August 2018. These statistics prove the massive potential of online casinos in the Garden State.

There were high hopes for online poker as well, even though there seems to be an ever-declining tendency regarding this business. With only $1.7 million this month, the industry segment records a 9.5% decrease since July, and nearly 6% less compared to August 2018.

Sports Betting Rising to the Top

August was just as favorable for sportsbooks as it was for online casinos, with operators raking in a total of $25.2 million revenue. Online sports betting booked $19.2 million, making up about 85% of all wagers placed in August.

Last August operators failed to reach the $100 million threshold, while this year’s August bets amounted to a total of $293.6 million, accounting for unsettled futures wagers as well.

These will be waiting at the start of the NCAA and NFL seasons when the revenue is also expected to soar once more. After all, with pre-season resulting in such success, there is no saying what New Jersey online gambling will accomplish next. So far this year, sports betting has raked in gambling revenue of $122.96M, contributing $15.99M to the state budget.

New Jersey’s Online Gambling Journey

Looking back nine months ago, you would be surprised to know that the Garden State celebrated a record-breaking December 2018 revenue amounting to $29 million. This is the accumulated amount achieved by online casino and poker gambling.

While these numbers have been indicative of the progressive rate of the industry, speculation arises as to the longevity of the trend. So far, there has been substantial growth across casino and sports betting verticals, but with poker notably lagging behind, the overall revenue is put to the question.