New Jersey’s online casino revenue is receiving impetus from a strong growth in NJ online sports betting. The combined NJ online gambling for November reached over $80 million, a slight drop-off from the record $85 million revenue posted a month earlier.
NJ Online Casinos and pokers took in $49 million, a record for the fifth straight month. The state’s online sportsbooks made $32.9 in November, lesser than the previous month’s $38.72 million but a strong number nevertheless. Notably, internet sports wagering made a sizeable contribution to the internet gaming revenue for the month.
Online casino and sports betting revenue for November
Sports betting on the internet pushed up online casino revenue for November, as per latest figures from the Department of Gaming Enforcement (DGE). Resorts Digital Gaming LLC’s monthly internet sports wagering revenue exceeded $9 million, making up a lion’s share of the total online casino revenue of nearly $11 million for the month.
|Casino||Internet gaming gross revenue||Internet sports wagering gross revenue|
|Resorts Digital Gaming LLC||$10,988,804||$9,129,854|
|Borgata Hotel Casino & Spa||$8,220,297||$1,343,185|
|Hard Rock Atlantic City||$2,169,113||$517,252|
|Golden Nugget Atlantic City||$18,934,909||$163,863|
|Tropicana Casino & Resort||$3,674,088||$71,706|
The slight dip in November’s online revenue was expected going into the holiday season. With college football bowl games kicking off and the ever-popular Christmas Day NBA slate, December’s results are expected to be an improvement over the previous month.
Virtual games and sports betting complement one another
New Jersey’s online sports wagering market is not only going strong, but also driving the growth of virtual casino games such as blackjack and roulette on mobile devices. Apps such as DraftKings and FanDuel are beckoning visitors to virtual casinos, while fantasy game fans are using the time waiting for the game to be over at online casinos. Atlantic City casinos and their online partners made $433 million from virtual games through November last year. Without contribution from sports betting, online casino revenues would have grown by 20%, said Chris Grove, industry analyst and partner at Eilers &Krejcik Gaming.
Another trend is that of a growing number of train commuters coming in from New York to New Jersey to bet in or near train stations. The geolocation software on their phones ensures that they meet the law requiring bettors to be physically present in New Jersey to gamble. Representatives from DraftKings or PointsBet frequent sports bars near train stations to launch events promoting online sports betting.
Sports betting a ‘high-growth sector’
Sports betting is legal in 20 states and the District of Columbia. In December last year, Michigan governor Gretchen Whitmer signed a bill into law that legalizes online gaming and sports betting through the state’s casinos, a move that is expected to infuse state coffers by nearly $20 million, adding $4 million to the school and responder fund.
However, only six states, including New Jersey have legalized online sports wagering. The New Jersey Economic Development Authority (EDA) recently deemed sports wagering to be a ‘high-wage and high-growth sector’, and in conjunction with the DGE decided to consult the private sector to understand how local residents can find employment and the industry and the training required.