LAS VEGAS, Sept. 13, 2017 /PRNewswire/ -- New Jersey's online casinos surpassed $20 million in combined monthly gross revenue in August for a record sixth consecutive month, and even more year-over-year growth is on the horizon, according to analysts from PlayNJ.com.
The state's regulated online casinos combined to generate $21.3 million in August, according to Wednesday's New Jersey Monthly Internet Gross Revenue Report. The August total is up from $20.6 million generated in July and up from $16.1 million in August 2016. Online casinos also collected $3.7 million in tax revenue.
"Early revenue projections may have missed the mark, but analysts were right on the money with their predictions that New Jersey online gaming would see sustained growth as the market matured," said Steve Ruddock, lead analyst for PlayNJ.com.
Since New Jersey legalized and regulated online gambling in November 2013, online casinos have generated $640.6 million in gross revenue and $111.8 million in tax revenue.
"Online gaming has grown into an industry on pace to generate close to a quarter of a billion dollars in 2017," Ruddock said. "That represents a 20 percent year-over-year increase, and an increase of more than 90 percent compared with what the industry generated back in its first full year in 2014."
August's revenue was aided by the emergence of MGM Resorts International's playMGM brand. TEN AC and Hard Rock Atlantic City are also brands likely to enter the market.
"The arrival of MGM demonstrates that major players believe there is still plenty of meat on the bone in the New Jersey market," Ruddock said. "MGM's entry could also point to renewed support from the company to expand regulated online gambling in other states."
For more analysis on regulated online gaming in New Jersey, visit PlayNJ.com.
About The PlayUSA Network:
The PlayUSA Network is a leading source for news, analysis, and research on regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its 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.
Zack Hall, DVA Advertising & PR, 541-389-2411, email@example.com
SOURCE The PlayUSA Network