LAS VEGAS, Aug. 14, 2017 /PRNewswire/ -- New Jersey's online casinos blew past another important milestone in July, easily surpassing $600 million in combined gross revenue since online gambling was legalized and regulated in November 2013. Hitting $619.36 million in lifetime revenue was just part of a strong July, according to analysts from PlayNJ.com.
During a month in which two new online casinos entered the New Jersey market, playMGM and Scores, the state's regulated online casinos combined to collect $20.6 million in gross revenue, according The New Jersey Monthly Internet Gross Revenue Report. The total tax revenue generated since 2013 pushed higher, too, to $108.1 million after collecting $3.6 million in tax revenue.
"Stuffing state and local coffers with over $100 million in tax revenue certainly drops the curtain on any lingering revenue concerns," said Steve Ruddock, lead analyst for PlayNJ.com. "The momentum is building, too. While states such as Pennsylvania drag their feet on legalizing online gaming, companies of all stripes are flocking to the Jersey Shore to grab a piece of the online gaming action."
With 31 days in July, including the July Fourth holiday, the month's gross revenue total was up from $20.2 million in June.
Individual casinos posted milestone months, too. Golden Nugget Atlantic City pulled in $6.25 million in gross revenue to lead all operators, becoming the first licensee to surpass $125 million in lifetime revenue from casino games.
"The Golden Nugget's success is testament to the great equalizing power of online gaming," Ruddock said. "On the Internet, a small casino can compete with casinos two or three times its size."
For more analysis on regulated online gaming in New Jersey, visit PlayNJ.com.
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The PlayUSA Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayNJ.com, PlayNY.com, PlayPennsylvania.com, and PlayCA.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online poker and gaming options for consumers.
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