New Jersey Online Casino Revenue Comes In At $120 million For First Year

Figures just released by the New Jersey Division of Gaming Enforcement have revealed that the states online casino operations have pulled in $120 million in revenue since they began operation in November 2013.

These figures are the first signpost on how online gaming is performing in New Jersey, with the state pinning hopes that online operations would provide further revenue in addition to traditional land based casinos.

The Casinos

With a number of high profile land based casino closures over the last year, there has been much interest and speculation in regards to how the casino industry is performing.

While the politicians and people can never have enough additional revenue in the state coffers, big name entities such as Borgata, Golden Nugget and Tropicana all recorded double digit revenue gains, with an average growth rate of 11.5% recorded across New Jersey’s eight existing casinos.

And The Winner Is…

The Golden Nugget was the star performer over the last year with an aggressive customer recruitment drive which has seen them hoover up a number of the now departed casinos customers, as well as some of its competitors.

The Nugget recorded an astonishing 80% revenue growth in November, and has posted a 47% growth so far for 2014.

Online Casino Performance

The online casino sector is now no doubt making a significant contribution to gaming revenue in New Jersey.

While governor Chris Christie may have been more than a little over enthusiastic with his previous claimed hopes for a $1 billion dollar injection, these first figures give an insight into the performance of the newly established online gambling spaces, and are widely tipped to improve over the next year.

Looking Forward

With New Jersey’s land based casinos being in decline for a number of years, anything that helps stem the negative tide has to be seen as a positive.

One issue that online casinos are still struggling with is the hesitance of financial institutions to process Credit Card transactions, due to historic illegality. It is hoped that this will be overcome as more knowledge and trust is gained throughout the finance community.

With some high profile lobbying now underway, including that of the Trump Taj Mahal, it is certainly an interesting time for New Jersey’s casinos, and it will be interesting to see where things lie in another year as the apparent customer behaviour correction continues.