New York refusal continues to contribute to New Jersey’s success

New Jersey’s online casino and poker industry celebrated its sixth birthday by recording an 82.4 per cent revenue rise to $49.1m (2018: $29.6m) in November, as the Golden Nugget retained its place as the top of the state’s igaming tree.

As total gaming revenue in the Garden State reached $305.9m, representing an 18.9 per cent jump from $257.3m, New Jersey online gaming’s leader more than doubled its own revenue to $18.9.

Resorts Digital was next in line according to figures released by regulator the New Jersey Division of Gaming Enforcement as it reached $10.9m, a significant boost from $3.5m, ahead of Borgata’s 71.4 per cent increase to $8.2m (2018: $4.7m). Ocean Resort was the only entity that recorded a decline, dropping 24.9 per cent from $731,887 to $549,740.

Looking into land-based revenue and the Borgata continued its dominance, finishing at more than double its competitors at $59m, 5.8 per cent up from $55.7m.

Caesars was next in the list with a 27 per cent jump to $28.3m (2018: $22.2m), while Ocean Resort saw the biggest percentage climb with 66.8 from $11.6m to $19.5m.

Resorts and Bally’s are the only two properties that recorded declines to $13.8m (2018: $16.4m) and $13.4m (2018: $14.3m) respectively.

“2019 has been a great year so far for Atlantic City with an increase in tourism, thanks to gaming, sports wagering and other positive developments across the city,” said Joe Kelly, president of the Greater Atlantic City Chamber

“The casino industry continues to serve as the backbone of the city, region and state’s economy, and these steady economic gains are an encouraging sign that the city is a top seaside resort destination.”

New Jersey’s sportsbooks collected $562.2m in bets in November, soaring above October’s record $487.9m, representing a 70 per cent increase from $330.7m.

New Jersey’s year-over-year growth has pushed its lifetime sports wagers to $5.3bn, clearing yet another significant milestone in the state’s impressive first 18 months as a legal sports betting jurisdiction.

November revenue hit $32.9m, up 110.9 per cent from the $15.6m won in November 2018. The state’s online and retail sportsbooks have now combined to generate $364.1m in revenue since launch, yielding $47m in state taxes.

“New Jersey sportsbooks will remain the chief beneficiary as long as neighbouring New York refuses to legalise sports betting,” said Dustin Gouker, lead analyst for PlayNJ.com

“New York City’s eight million residents continue to be a key ingredient that has propelled New Jersey into Nevada’s chief rival as the country’s largest legal sports betting market.”