New Jersey’s legal online igaming industry has started off the year apace, bolstered by strong organic growth, stay-in winter weather and the expansion of Golden Nugget.
February became the second straight month that the state’s online casinos set records for gross revenue and, according to analysts at PlayJJ.com, further growth appears an inevitability.
"This will not be the last record-setting month this year," said PlayNJ.com lead analyst Steve Ruddock. "New and expanded product lines, improved payment processing, and advancements in customer service will continue to drive organic growth. And the market is expected to expand when Ocean Resort Casino and Hard Rock Atlantic City launch online casinos in the coming months."
New Jersey’s online casinos amassed US$21.99m last month. That is up 0.1 per cent from US$21.96m in January and up from $18.8m in February 2017. That amounts to $785,433 per day in the 28 days of February, obliterating the record $708,463 set last month.
"After growth slowed at the tailend of 2017, only the most optimistic projections could have predicted the start to this year for the online gambling industry," Ruddock said. "If February's per-day haul is indicative, we could see a US$24m month as early as March."
Much of the growth can be attributed to the Golden Nugget — home to the Golden Nugget, Betfair, and SugarHouse online casino brands. After January's record-setting US$7.3m in revenue, the Golden Nugget hit US$7.9m in February.
"Golden Nugget is no longer simply a front-runner in the New Jersey online market — it's now lapping the field," Ruddock said. "It will be interesting to see if other New Jersey online casinos try to replicate the Golden Nugget's strategies."
Other key take-outs from the February report include that New Jersey's legal online gambling industry has generated US$766.4m in lifetime revenue, with online casino games on the rise to US$20.3m (from $20.01m in January) and online poker down to US$1.8m (US$1.95m). The industry paid US$3.85m in tax in February.
