New Jersey releases the gross revenue numbers for its regulated online poker sites and NJ’s online casinos each month, generally about two weeks after the close of the month.
March 2017 highlights
- A new monthly record. New Jersey’s regulated online casinos and poker sites are still setting records and growing. And it set a record in a big way. Online gambling generated $21.7 million in gross revenue in March. That is the first month revenue has exceeded $20 million. It blew away the prior record of $18.8 million, which came just two months ago.
- Golden Nugget is a runaway freight train. Not long ago, it was cause for celebration when an online casino network surpassed $4 million in revenue. Last month, Golden Nugget became the first online operator (via its Golden Nugget, Betfair and SugarHouse online casino brands in New Jersey) to post $5 million in revenue. Things continued to escalate quickly for GN, which hit $6.18 million.
- Resorts helps lead the charge: Beyond the increase from GN, Resorts saw a month-over-month increase in iGaming revenue of almost $1.2 million. Almost all of that came on the casino side, with just a small uptick from PokerStars.
- Caesars slides. Caesars (Caesars, Harrah’s, and 888) started off the year strong. But its now the second straight month of declining performance, MoM. While the rest of the NJ online gambling industry was helping set new high watermarks, Caesars once again gave back ground.
Top line numbers
Notes: There were two more days in March 2017 than February 2017. Those two months had eight weekend days, as did March 2016. The comparisons below are adjusted to account for the extra days.
Revenue / month-over-month change (adj) / year-over-year change (adj)
- Overall: $21.7mm / +5% / +40%
- Casino: $19.5mm / +18% / +49%
- Poker: $2.25mm / -6.3% / -8.5%
Poker did not have a good month, no matter how you slice it. While revenue was up from February, that month had two fewer days than March. Accounting for that actually shows a drop in daily revenue from one month to the next. The’s a disappointing revelation in that PokerStars entered the market a year ago. And it was only live for the final third of March 2016. Barring some unforeseen development, this appears to be the new normal for NJ online poker.
Casino, by process of elimination, had a great month if poker had a bad month. Everyone outside of Caesars continues to experience growth both MoM and YoY. Online casino, on its own was up about 50 percent. It would be difficult to imagine a more bullish scenario for NJ iGaming revenue.
Overall, February was a big month, but March may have been even more impressive. Even with the poor performance of poker, numbers are way up. The growth in online accompanies expansion in land-based casino revenues, which should help put to rest any cannibalization concerns — especially in other states considering online gambling.
Winners and losers
In alphabetical order, by IGP holder:
- Borgata (Borgata, Party, Pala) had a solid if not spectacular month, as its casino product grew MoM and YoY, but lagged behind three of the other four licensees. Casino helped bail out the sinking ship that is poker, which was again down nearly 40 percent from March 2016.
- Caesars (888, Caesars, Harrah’s, WSOP) had an abysmal month on all fronts. Even with the extra days in March, raw online casino revenue dropped from February. Casino was up five percent, but given the massive upticks elsewhere, this is hardly a win.
- Golden Nugget (Golden Nugget, Betfair, SugarHouse) grew eight percent in March when normalizing for the extra days from February. The year over year increase is nothing short of spectacular. Just a year ago, it edged past $3 million in revenue; now it’s past $6 million.
- Resorts AC (Resorts, Mohegan Sun, PokerStars NJ) had an even better month than Golden Nugget, in terms of casino growth. Resorts’ casino product alone saw 37 percent growth from last month, and 150% from a year ago ($1.9 to $4.2 million). That more than offset PokerStars giving ground from month to month.
- Tropicana (Tropicana, Virgin) would have had a month to do somersaults over, if it hadn’t been for the gains by GN and Resorts. Revenue was up substantially both MoM and YoY.
Detailed numbers by operator / product (comparisons normalized for extra days in March vs. February):
| ||March 2017||Feb 2017 (normalized to 31 days)||Month to month (NORMALIZED)||March 2016||Year to year
|Golden Nugget casino||$6,176,515||$5,730,344||7.79%||$3,070,087||101.18%