New Jersey Online Casinos Net Record-Breaking $39.3 Million For July

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New Jersey Online Casinos Net Record-Breaking $39.3 Million For July ( Click to Enlarge )

The luck of online gambling operators in New Jersey just won’t stop increasing. In July 2019, legal NJ online casinos recorded a combined $39.3 million in revenue, which is an all-time record. When you add in revenue from online sportsbooks, that total goes well over the $50 million mark.

This is according to data released by the NJ Division of Gaming Enforcement. It’s no real shock, however, since the state’s online casinos have undergone sharp growth since NJ sports betting launched in 2018.

The Market Leader

The operator at the top of the pack is Golden Nugget, which will not come as a surprise to many. It raked in a record $14.9 million for July, extending its dominant streak to 32 consecutive months at the number 1 spot.

The revenue generated by Nugget’s online casino rivals that of its real-life counterpart in the Marina district.

Resorts managed to remain in second place with a haul of $6.9 million, but it has next-to-no cushion from third-placed Borgata. That operator posted a new personal best of $6.4 million in revenue in July.

Analysing The Numbers

There is no precedent for the trajectory of the NJ industry. Around 18 months ago, the state’s online gambling revenue had levelled off at a plateau of around $20 million, and it was looking like this would be its ceiling. But when legal sports betting was added in mid-2018, there was a remarkable surge.

Monthly casino revenue soared beyond $30 million by January 2019, and its already approaching $40 million a mere 7 months later.

The state’s online poker sites, by contrast, have not been realising those same cross-play benefits yet. Month-to-month revenue is climbing at a snail’s pace, and poker is looking flat compared to the majority of historical data.

Sports Betting

New Jersey’s sportsbooks write more than a quarter of a billion dollars in tickets for July, which is a US record. Even Nevada has never posted a July report as high as this.

More noticeably than usual, the internet has accounted for the majority of New Jersey’s haul. Online sports betting was behind 84.8% of the total wagering, and 77.8% of the month’s revenue. Clearly, online betting in all its forms is on the rise in NJ.