New Jersey iGaming Generates Over $142m in February

The New Jersey Division of Gaming Enforcement has released the February revenue details for online casinos operating in the state. For the month, NJ casinos were able to generate $142.6 million. The month was a solid increase of 9.7% from last year but a dip of 6.7% from January. This was unsurprising, considering the previous month hit a new record of $152.9 million in earnings.

So far, New Jersey has seen a strong start to the year via iGaming earnings. In just two months, the casinos brought in over $295 million. When compared to 2022, the amount is over 10% higher. Going back to 2021, the amount is even larger at more than 49%.

According to industry analysts, the online gaming operators in New Jersey can work even better now to engage players year-round across multiple channels. The casinos can remain competitive and bring players back time and time again to play their games and take part in promotions.

Accelerated growth has been seen over the past few years after the onset of the COVID-19 pandemic. After casinos closed in March 2020, players logged online to enjoy casino gaming entertainment. The trend has since continued, with players taking advantage of everything the iGaming market offers.

The market is currently filled with many top-name operators, each offering a solid collection of games. The major names bring in players from across the state and travelers visiting the area.

With the monthly earnings, the Division of Gaming Enforcement gives a breakdown of each operator. We can easily see who the top earner is as well as which casinos lagged behind. The reports offer a look at the total revenues plus slots and table games, poker gaming, promos, and taxes paid. Let’s take a look at the report details below to see who came out on top.

The top earner for the month was Borgata Hotel Casino & Spa. The brand has several partners, including BetMGM, which helped to push it to the number one spot. For February, the license holder brought in $39.7 million.

Coming in under the Borgata was Golden Nugget Atlantic City and Resorts Digital. Both were able to generate around $36 million in revenues. Golden Nugget is partnered with BetRivers and Stardust, while Resorts is teamed up with Mohegan Sun, PokerStars, and DraftKings.

These three license holders could provide almost 80% of the state’s online gaming revenues. They are the giants of the industry and show no signs of slowing down. Caesars, Tropicana, Bally’s, Hard Rock, and Ocean Casino are coming in on the lower end.

Caesars pulled in just over $8.3 million, followed by Tropicana with $6.6 million. Bally’s generated $5.9 while Hard Rock was slightly behind at $5.6 million. Ocean rounded out the list with $3.7 million in earnings.

Included in some of the earnings were poker totals. Borgata, Caesars, and Resorts all offer online poker gaming via their respective partners. Resorts was the top earner because they are partnered with PokerStars. The brand saw just over $878,000 in earnings.

Borgata and Caesars were pretty even with their online poker totals. Borgata was slightly higher with $703,912, followed by Caesars with $701,443.

With such a successful first two months, it begs the question, what will happen next? Will the state continue to see highs instead of lows, or will the gambling industry earnings start to taper off? Once summer arrives, earnings are expected to go down based on average norms.

Players tend to go outside during the warmer months, and iGaming totals can shift downwards. It will be interesting to see how March and April fare and if they will be just as successful as the beginning of the year.