ATLANTIC CITY, N.J., March 14, 2018 /PRNewswire/ -- Strong organic growth, a rapidly expanding Golden Nugget, and chilly winter weather have New Jersey's legal online gambling industry off to a blazing start to 2018. February marked the second consecutive month that New Jersey's online casinos set records for gross revenue, and more growth seems inevitable, according to analysts at PlayNJ.com.
"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 online casinos amassed $21.99 million in February. That is up 0.1 percent from $21.96 million in January and up from $18.8 million 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 $24 million 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 $7.3 million in revenue, the Golden Nugget hit $7.9 million 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."
Some other key points from the February report:
- New Jersey's legal online gambling industry has generated $766.4 million in lifetime revenue.
- The industry paid $3.85 million in taxes in February.
- Online casino games generated $20.3 million, up from $20.01 million in January.
- Online poker brought in $1.8 million, down from $1.95 million.
For more, visit PlayNJ.com.
PlayNJ.com is a leading independent source for news, analysis, and research related to the market for regulated online gaming in the United States.
Zack Hall, DVA Advertising & PR, 541-389-2411, firstname.lastname@example.org