Heading into March, NJ online gambling had never seen revenues eclipsing $23 million. Clearly, that’s all in the past.
According to figures reported by the New Jersey Division of Gaming Enforcement this week, online casino and poker generated $24.3 million in May for the second-best month in the industry’s history.
It was also the third straight month revenue surpassed $23 million, and May’s total trails only the $25.6 million from March.
What happened in May at NJ gambling sites?
Another streak continues for online casino and poker revenue in the Garden State, as May marked the 15th straight month combined earnings exceeded $20 million.
The first full month of interstate poker helped boost online poker to $1.9 million in May. The liquidity sharing agreement among New Jersey, Delaware and Nevada launched May 1 and resulted in a 6 percent increase from April.
Still, there is room to grow as that segment of the market is down 9 percent year over year.
NJ online casinos, however, continue to thrive as the $22.3 million in May revenue was up 18 percent year over year and in itself would have been an online gambling revenue record earlier this year.
Overall, year-over-year revenue has increased by more than $3 million. But here’s the gaudy figure: Lifetime online gambling revenue for New Jersey is on pace to reach $1 billion by the end of the year.
Golden Nugget remains the revenue king
Once again sitting at the top of the market is Golden Nugget, which eclipsed $8 million for the third straight month. For perspective, the casino’s reported $8.6 million in May was up 45.4 percent from last year’s $5.9 million.
Also enjoying a huge year-over-year spike was Borgata, though it remains a distant second to Golden Nugget. Borgata clocked in at nearly $4.6 million in May for an annual growth of 31 percent.
Caesars also surpassed $4 million (the only other time both casinos accomplished that feat was in March) and totaled nearly $4.1 million in May for a 12.4 percent increase year over year.
Online poker has been key for Caesars’ revenue growth, and interstate poker is certainly helping. A month after reporting $450,000, Caesars piled up more than $770,000 in May to take over as the poker leader in New Jersey.
To boot, Caesars enjoyed a $300,000 boost in casino revenue for a casino total of $3.3 million last month.
Revenue booster on the horizon
As it has been well-documented, the US Supreme Court struck down PASPA on May 14 to clear the path for legalized sports betting. On Thursday, NJ sports betting kicked into gear at Monmouth Park racetrack and at Borgata Atlantic City with several other casinos soon to follow.
As NJ online gambling revenue continues to grow, legal sports betting could supply casinos with a significant boost.
Gov. Phil Murphy on Monday put his signature on the sports betting bill to allow the state to begin rolling out single-game wagering. Physical sports books could begin accepting bets almost immediately, but online and mobile wagering will be available after 30 days.
Resorts has partnered with daily fantasy sports giant DraftKings to run its sportsbook, which could pay dividends in revenue once it goes online. Later this month, Ocean Resort Casino will make its debut on the Boardwalk and with bookmaker William Hill US at the helm.
June’s revenue report will not fully reflect the effect of sports betting at NJ gambling sites. But in a few months, it could lead to even more unprecedented figures.