According to analysts at PlayNJ.com, New Jersey’s online casinos have raked in enough revenue to mark March as another record-breaking month, whilst also hitting some vital milestones along the way.
The Monthly Internet Gross Revenue Report released by the state on 12 April revealed that the online casinos achieved $21.7m in gross revenue in the month of March. This is the first month that revenue has topped $20m.
New Jersey has now managed to pick up $536.5m in total revenue since the state legalised online gambling nearly four years ago.
New Jersey has now exceeded $80m in total tax revenue since 2013, putting it on course to surpass the $100m mark by the end of the year, according to the analysts.
Robert DellaFave, Senior Analyst for PlayNJ.com says “Nearly three-and-a-half years since its inception, the train that is the New Jersey online gambling industry continues to cover steam. Every month the industry either flirts with or sets a new record for revenue.”
Some of the online casinos themselves have hit important milestones. The Borgata Hotel Casino & Spa has passed $150m in revenue since its launch. The Tropicana Casino & Resort has crossed $100m, whilst Resorts Digital Gaming has passed $50m.
Instead of existing customers taking their business online, the bulk of the revenue that has been generated is from new customers.
Executives from Golden Nugget Atlantic City, Borgata and Caesars Interactive Entertainment have confirmed that over 80% of their customers online are new.
DellaFave added “Any fears that land-based gamblers are trading in their chips and slot pulls for their online equivalents are misguided.
“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 revitalisation efforts.”