Online gambling revenue in New Jersey just keeps on climbing.
The state has never had a month without annual growth since the first NJ online gambling sites launched in 2013, but the past six months have been unusually hot. While it has slowed somewhat since November, February 2020 was nonetheless in the top 10 months on record for year-on-year gains.
NJ online casinos and poker sites won a combined $52 million in February — a slight decline from January’s $55 million, but only because of the short month. Daily revenues actually increased by just under 1%.
NJ online sportsbooks added another $16 million to bring total online revenue to $68 million.
Data comes from the latest report published by the NJ Division of Gaming Enforcement.
Here’s what stands out from the February 2020 numbers for online casinos and poker sites:
Market leader Golden Nugget was once again responsible in large part for the annual growth. Its daily average revenues were essentially unchanged from January’s, but that still represents an 85% increase year over year. The Nugget is unusual in New Jersey in that, unlike its largest competitors, it has no online poker product. However, its online casino revenue of $19.8 million again topped those of its brick-and-mortar property for February.
Resorts continues to hover in second place. It reported February revenue of $12.4 million, up 87% year on year. Its growth largely stems from the addition of DraftKings Casino in late 2018. Its poker revenue from PokerStars NJ has continued to fall, however, with a daily average of 6% lower than January’s. That slide comes despite the hosting of a successful Bounty Builder Series during the month.
Hard Rock posted the fastest growth for the month. Like Golden Nugget, it lacks an online poker room, but its online casino revenue grew 15% month on month — or 23% as a daily average. Hard Rock remains one of the state’s smaller operators with just over $2.8 million in revenues for the month, or a 5.4% market share.
Revenue / ∆ Monthly / ∆ Yearly:
Total revenue for February may have dropped a little from January, but that’s to be expected with two fewer days. On a day-for-day basis, it was yet another record month for the state.
Growth did, however, taper off slightly. The all-time record for annual growth in the state came last November when revenues were up 82.4% from 2018. That number has dropped each month since, though the difference between February and January was slight — 63.8% versus 64%.
The only major product launched in February was Hard Rock’s new “live online” slot machines. Introduced early in the month, these may have encouraged its February growth spurt.
NJ online poker sites did a bit better than the casinos in terms of month-on-month performance, largely due to a 13% increase in revenue for WSOP/888. Even so, poker contributed just 2.6% to the state’s overall online gambling revenues.
Sportsbooks in New Jersey wrote a total of $495 million in tickets for February, up 54.5% from a year ago. Even adjusted for the length of the month; however, that was an 8.4% drop from January.
The books also had a considerably worse month for outcomes than January, as hold dropped from 9.9% to just 3.4%. It didn’t help that NJ bettors booked a net win against the house in the Super Bowl for the second year running. The result was a 66% drop in daily average revenue.
Online sportsbooks continue to demonstrate prominence over their retail counterparts, accounting for 88.2% of total handle. The difference was even more dramatic in terms of revenue, as retail sportsbooks also fared worse in outcomes. Their hold was a mere 1.8%, and as a result, they brought in just over $1 million, or only 6.3% of the total for the month.
A new challenger is preparing to enter the NJ sports betting arena, by the way, as Freehold Raceway applied for a license early this month.
See more of February’s sports betting data at Legal Sports Report.
|Feb. 2020||Jan. 2020 (+2 Days)||Δ Monthly||Feb. 2019||Δ Yearly|
|Golden Nugget casino||$19,778,285||$21,204,985||-6.73%||$10,701,266||+84.82%|
|Hard Rock casino||$2,826,167||$2,463,007||+14.74%||$1,668,777||+69.36%|