PlayNJ.com Analysts Say Record Gaming Revenue In March Propels New Jersey's Legal Online Casinos To Month Of Milestones
LAS VEGAS, April 12, 2017 /PRNewswire/ -- New Jersey's legal online casinos hauled in enough gaming revenue to post another banner month in March, and that helped the industry hit some crucial milestones — including $80 million in total tax revenue — according to analysts from PlayNJ.com.
The New Jersey Monthly Internet Gross Revenue Report, which was released Wednesday by the state's Division of Gaming Enforcement, showed that legal online casinos generated a record $21.7 million in gross revenue in March. That is the first month revenue has exceeded $20 million and it pushes New Jersey past $536.5 million in total revenue since the state legalized online casino games and poker in 2013.
In addition to tax revenue, the key milestones hit include three New Jersey legal online casinos passing significant revenue marks:
- Borgata Hotel Casino & Spa surpassing $150 million since its launch.
- Tropicana Casino & Resort crossing $100 million in total revenue.
- Resorts Digital Gaming passing the $50 million mark.
"Nearly three-and-a-half years since its inception, the train that is the New Jersey online gambling industry continues to gather steam," said Robert DellaFave, senior analyst for PlayNJ.com.
The vast majority of the revenue generated online is from new customers, rather than existing customers simply shifting their spend online. Executives from Borgata, Caesars Interactive Entertainment, and Golden Nugget Atlantic City have all confirmed in statements that more than 80 percent of their online customers are new to their casinos.
"Any fears that land-based gamblers are trading in their chips and slot pulls for their online equivalents are misguided," DellaFave said. "New Jersey online gambling revenue largely comes from players that have never set foot inside an Atlantic City casino. Online gambling is a critical component of Atlantic City's revitalization efforts."
For more information, 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.
SOURCE PlayNJ.com
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