Could New Jersey iGaming finally be turning the corner? Maybe so since the market experienced its biggest revenue haul ever after netting $13.16 million in March. This is up about 10% from March of last year, when the market collectively earned $11.87 million. Let’s continue discussing the good news here by breaking down the numbers, how online poker fared, which casinos excelled in March, and what we can expect from New Jersey moving forward.
By the Numbers
March 2015 online casino games: $10.9 million
March 2015 online poker: $2.22 million
March 2014 online casino games: $8.66 million
March 2014 online poker: $3.21 million
As you can see, casino games are the big winner here because they experienced over a $2.2 million increase this March. Meanwhile, poker continues to lag behind, with over a 30% decrease from last March.
Borgata (Borgata/Party Network) – Earned nearly $4.2 million in March iGaming revenue, with $2.96 of this amount coming from casino games.
Caesars (888, Harrahs, WSOP) – Made $2.82 million in online gaming revenue, and poker comprised almost $1 million of this amount, which is over 35% of the total revenue.
Golden Nugget (Golden Nugget, Betfair) – Golden Nugget continues to impress after making $2.96 million from casino games alone.
Resorts (Resorts) – Earned $154k in their first full month, which shows that they could become a big player in the market later on.
Tropicana (Tropicana, Virgin) – Tropicana actually set a record by becoming the first New Jersey iGaming operation to net over $3 million from casino games alone.
In regard to global online gaming, March is typically a month where revenue starts trending downward as warmer weather approaches. But all along, the New Jersey market has continued to defy weather trends, probably because the market is new and still figuring things out. So it wouldn’t be a total surprise if the Garden State can continue increasing revenue, or at least keeping it steady as we head deeper into the spring.
One big reason for optimism here is the performances of Golden Nugget and Tropicana. The latter made $1.9 million in March 2014, however, they earned $3.04 million this time around. Golden Nugget’s improvement was even more impressive since they only netted $678k in March 2014, followed by almost $3 million this March. It’s very possible that Resorts could start driving up revenue too once their operation matures.
Of course, New Jersey is only so big and there’s only so much of the pie to be shared. But with more legitimate and established brands involved in New Jersey iGaming, that pie figures to grow larger over the next year thanks to improved competition and more advertising.