While the US online gambling industry keeps one eye on the Wire Act, it’s business as usual in New Jersey.
The NJ online gambling operators combined to earn $38.3 million in May, which is their second-most profitable month to date. Only March’s haul of $39.1 million was greater. NJ online poker sites enjoyed a slight course correction, with $1.8 million in revenue representing a small increase over April’s numbers.
Data comes from the monthly report published Wednesday by the NJ Division of Gaming Enforcement.
Here’s what jumps off the page in the May report:
It comes as no surprise to see Golden Nugget atop the podium once again in May. Its $14 million in internet revenue is, in fact, not far off the $17.1 million haul for its brick-and-mortar casino in the Marina District. The Nugget has led the online market every month since December 2016.
Thanks to the recent addition of DraftKings Casino, the Resorts network retained the silver medal with $8 million in revenue for the month — also its second-best ever. Borgata, in third place, means there’s no change at the top, though its May revenue of $5.9 million does represent a new personal best.
Including NJ online sports betting, the internet accounted for almost $54 million in total revenue for the month.
Revenue / month-over-month change (normalized) / year-over-year change:
The online casino vertical is absolutely thriving.
Operators are consistently churning out $30 million months, a milestone that was objectively out of reach not so long ago. Revenue never stopped growing, mind you, but it felt like the market was approaching its ceiling. The legalization of sports betting, however, coincides with an upward trend that is much steeper.
Here’s a simplified timeline of NJ online casino growth:
Online poker, of course, continues to struggle to recover to its early-2014 levels.
Revenue for the vertical has been trending steadily downward over the past few years, though the May report does show a slight uptick. Previous numbers indicate that there’s plenty of untapped potential in this market, especially with the relatively new addition of multi-state poker.
Land-based casino revenue was up more than 15% in the annual comparison, by the way.
Online wagering once again accounted for more than 80% of all sports betting revenue — 88% for May, in fact. Extending the recent trend, FanDuel Sportsbook continues to assert its dominance over the competition. The market leader was responsible for $8.7 million of the total revenue by itself.
Get more on the NJ sports betting numbers on Legal Sports Report.
|May 2019||Apr. 2019 (+1 day)||+/- month over month||May 2018||+/- year over year|
|Golden Nugget casino||$14,078,208||$14,316,345||-1.66%||$8,600,364||+63.69%|
|Hard Rock casino||$1,518,438||$1,606,743||-5.50%||$-||N/A|
|Ocean Resort casino||$476,435||$318,689||+49.50%||$-||N/A|