Online Poker Dead in New Jersey?
Revenues at their lowest since November 2014
Jun 15, 2015, 05:10 ET
ATLANTIC CITY, N.J., June 15, 2015 /PRNewswire/ -- It's a tale of two extremes: revenues from online casinos in New Jersey continue to show year-over-year growth while revenues from online poker are on life support. These results, gleaned from the monthly regulated online gambling report by the New Jersey Division of Gaming Enforcement, have shocked experts, many who predicted a fall-off from historically high gains in Q1 2015.
"While some inaccurately characterize New Jersey's online casinos as a financial disappointment, nothing about 28 percent growth year-over-year is disappointing," PlayNJ.com Spokesperson John Darr said. "Lawmakers can't be disappointed in the almost $30 million in new tax revenue online casinos have generated for the state."
Darr also said that the drop in poker revenue, especially when contrasted with the runaway growth for casino, shows that the New Jersey market could benefit greatly from liquidity-sharing agreements with other states that have legal online poker. Online poker revenues continue to slide (May 2015 was 15 percent lower than May 2014), leaving many experts wondering when the once 'cash cow' will hit rock bottom.
The most encouraging sign for the industry comes courtesy of an old face on the boardwalk but new face online, Resorts. The first casino/hotel inside Atlantic City back in 1968, Resorts just launched their online casino in February. Each month since, the regulated online revenues for Resorts have shown growth with May posting a 50 percent increase from April.
Borgata remains the online leader in terms of total monthly revenue ($3.9mm) and revenue to date ($67.7mm). Combined, New Jersey's online casinos have now paid $28.7 million in taxes since launch, $9 million in 2015 so far.
About PlayNJ.com
PlayNJ.com, based in Atlantic City, NJ, is an independent organization with the mission of providing a comprehensive resource for consumers and media interested in learning about the vital role that regulated online gaming plays in the future of New Jersey's casino industry. Their staff brings a combined 30 years of experience in regulated online gambling markets to the news, fact sheets and analysis published daily at PlayNJ.com.
Media Contact: John Darr, 502-475-9637, [email protected]
Related Links
Data, charts and historical trends can be found at https://www.playnj.com/new-jersey/revenue/
Who is the NJ DGE, why is it important to play at authorized sites, and other FAQs can be found at https://www.playnj.com/reviews/
SOURCE PlayNJ.com