New Jersey Online Casino Market Heats Up as Sports Betting Takes Off
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Let the games begin, NJ online casinos raked in over $26 million in gross gaming win from casino, poker, bingo, and sports betting in August 2018. There was a small slowdown in online casino revenue in August compared to July as Golden Nugget‘s group of casino operators dropped $1.15 million in gross revenue. The real winner in the market was Draftkings Sportsbook, which sits under Resorts Digital Gaming’s license, as they soared to a whopping $2.97 million in their first month of sports betting operations. A noticeable mention goes out to Hard Rock Online Casino as they saw a steady increase in revenues to generate nearly $500k in their second month of operations.
NJ Online Sports Betting Could Surpass Casino Wagering
Sports betting has the potential to be a real game changer as NJ online sports betting operators gear up and launch their products in peak football season.
The question that remains is how sports will impact casino and poker revenues – as replacement wagering or incremental. So far Sugarhouse Online Casino and Caesars Online Casino are the only operators to offer both casino and sports betting on one website, but they only launched in early September.
For now there is only one month to analyze, and we saw a 4.22% dip in casino and poker revenue from July to August as sports betting went live. However, with increased marketing coming with football season, and a turn to inclement weather in September, will this rising sports betting tide lift all boats? Based on online sports betting revenues in the first month alone, one thing seems clear – people want safe, secure, and legal ways to bet on sports online in America. The tax revenue implications as more States turn to legalization could be substantial.
“Draftkings Sportsbook looks to impress as they have a clear blueprint for success, which they could scale out nationwide,” said BonusSeeker.com Casino Editor, Anirudh Vashishth.
The regulated New Jersey online casinos generated $25.89 million gross revenue in August, up $3.21 million from the previous month.
August 2018 NJ Online Casino Revenue by numbers (in $ millions):
|
Casino |
|
|
Golden Nugget |
$8.17 |
|
Resorts |
$3.37 |
|
Borgata |
$4.22 |
|
Caesars |
$2.76 |
|
Ocean Resort |
$0.385 |
|
Hard Rock |
$0.481 |
|
Tropicana |
$3.59 |
|
Total |
$22.99 |
|
Poker |
|
|
Golden Nugget |
$0 |
|
Resorts |
$.651 |
|
Borgata |
$.440 |
|
Caesars |
$.725 |
|
Ocean Resort |
$0 |
|
Hard Rock |
$0 |
|
Tropicana |
$0 |
|
Total |
$1.82 |
|
Sports |
|
|
Golden Nugget |
$.103 |
|
Resorts |
$2.97 |
|
Borgata |
$.0496 |
|
Total |
$1.85 |
|
Combined |
|
|
Golden Nugget |
$8.273 |
|
Resorts |
$6.991 |
|
Borgata |
$4.710 |
|
Caesars |
$3.49 |
|
Ocean Resort |
$0.385 |
|
Hard Rock |
$0.481 |
|
Tropicana |
$3.59 |
|
Total |
$26.65 |
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