New Jersey online gambling revenues soar in July

New Jersey’s online casinos had a windfall in July, with the revenues soaring to an all-time high. Leading from the front in revenue generation were Borgata and Golden Nugget, with good performance by the new Hard Rock and Ocean online casinos.

Overall, the state’s iGaming revenue for the month touched $25,897,517, with slots and table games contributing $24,048,964 and online poker bringing in $1,848,553. Online casino revenue now accounts for 93 per cent of the state’s online gambling revenue.

Golden Nugget and Borgata soar

While some might surmise that NJ’s two new online casinos, Hard Rock and Ocean, could cannibalise revenue at established competitors, they certainly had little effect on Borgata and Golden Nugget’s bottom line in July.

Last month, Golden Nugget had its best month ever, boasting a win of $9,328,814, over half-a-million dollars more than its previous top month this March. GN, which serves as the umbrella for Betfair and SugarHouse (and soon Churchill Downs), consistently dominates the NJ online casino industry in terms of revenue. This year, it has banked $58,272,651 in total, around $28 million more than Borgata, its closest competitor.

Golden Nugget’s July revenue was nearly 50 per cent more than what it took in during the same time period last year, an astounding feat considering that overall market growth has slowed considerably.

Borgata was the other big winner last month, posting a record high win of $4,463,799, a 42 per cent Y/Y bump.

The licensee, which also counts playMGM and PartyCasino NJ as partners, had its previous best month in May, but eclipsed that amount by nearly $300,000 in July.

All of the casinos under Borgata’s wing launched popular Live Dealer games in May, which could be one of the drivers behind its impressive recent earnings.

Hard Rock and Ocean take their first baby steps

Last month was Hard Rock’s first full month of operation. The newly minted online casino raked in $329,650.

Ocean Casino was not that far behind, with a total take of $249,805, interesting considering that the site only began taking customers in a limited capacity in the middle of the month. If the casino had continued at that rate, and had been in operation for the entire month, it would have actually beat out Hard Rock in July.

Ocean, which lacks the brand recognition that Hard Rock brings to the table, still has some work to do in improving its product. However, the site launched with an eye-popping bonus opportunity, which could have succeeded in bringing in intrigued gamblers.

The welcome bonus package includes a reward of up to $125 free, along with a whopping $10,000 deposit bonus. The previous biggest welcome bonus in the state was through Betfair, which offers a 100 per cent deposit bonus up to $2500.

While great for marketing, players should be aware that the Ocean bonus is not for the faint of heart. To earn the entire amount, gamblers must play a considerable amount, more than the majority of casual players would be capable of.

WSOP.com’s tri-state compact isn’t saving NJ online poker

June was a bright spot for New Jersey online poker, with the state’s three poker licensees contributing for a 1.3 per cent year-over-year growth. The achievement was mainly due to WSOP.com/888, which connected player pools with card players in Delaware and Nevada in May. The ability to share liquidity across states instantly propelled the network to the top spot in NJ, beating out PokerStars for the first time.

Numbers were also inflated due to the hype surrounding the WSOP and the $3.023 million guaranteed Online Championships flagship tournament series, which previously ran separately in Nevada and New Jersey.

In June, however, poker revenue went right back to its downward slide. In total, poker sites took in just $1,848,553 for a 7.9 per cent Y/Y decrease.

It’s becoming increasingly clear that instead of growing the market as a whole, WSOP/888 shared liquidity is simply cannibalizing customers from its competitors.

That said, PokerStars could very well soon take back its position as king of poker in the state, if and when NJ agrees on an interstate compact with Pennsylvania, which legalised the industry last year. The poker behemoth recently revealed a partnership with Mount Airy in the state, and will surely connect player pools with its NJ site if allowed.

Sports betting revenue on the way next month

Next month, we’ll get our first peek at online and mobile sports betting, due to the launch of DraftKings Sportsbook earlier this month. The company was the first to launch a mobile and online sports wagering product in the state, beating out more established competitors. DraftKings is partnered with Resorts Casino.

Sportsbook gross gaming revenue will be reported as the sum of all wagers minus the payouts of winning wagers which were redeemed during the month.

Sporting events which conclude during the timeframe will be included, while winning wager payouts will not be deducted from GGR until events, such as the Super Bowl, are held and the winning wager redeemed.