New Jersey’s Online Gambling Market Set New All-time Revenue Records In 2020

01/21/2021
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Though 2020 wasn’t one of the best years for land-based business, online companies had some of the best revenue reports and went ahead to break previous records. 2020, was in fact, the best year for New Jersey’s Online Gambling and Sports Betting Markets as they set new all-time revenue records in just December alone.

Latest figures released by the New Jersey Division of Gaming Enforcement (NJDGE), the regulatory body for online gaming, shows that the state’s licensed online gaming operators generated a combined revenue of $99.45m in December which was $7.65m better than earnings in the previous month and double of its total earnings in December 2019.

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The new December record saw revenue up 102.6% to 96.42m for online casino operators which is a record-setting performance. Online poker also smashed previous records with revenues up nearly three-quarters to just over $3m. This is a big 25% improvement from its November report.

iGaming revenue has continued to rise since it was legalized in New Jersey. The total revenue came within $30m of the ONE BILLION DOLLAR mark which is up 101% from what was recorded in 2019. Online casino gaming provided most of the revenue increase by generating 101.7% to $931.5m. Online poker also saw tremendous improvements of 85.3% to $38.8m

As usual, the  Golden Nugget’s online casino comes out on top with the best revenue report. It leads other casinos with $29.4m in December for an FY20 total rounding up to $318.8m. While its online casino gained big jumps in revenue, its land-based option didn’t do so well.

The Nugget’s land-based gambling revenue dropped to $95m which represents a 52.2% drop. This isn’t surprising considering that Atlantic City’s casinos were shut to players for the most part of the year. Even though land-based casinos were allowed to operate in the last 6 months, they had to do so with reduced capacity due to the Covid-19 pandemic.

Borgata’s online offerings come pretty close at claiming the top spot with revenue of $27.15m in December. This report compiles the revenue from Borgata’s own brands – PalaCasino, BetMGM, and PartyPoker. Poker brought the least revenue of $1m in that report. The total tally is a 168% gain of up to $208.2m.

FoxBet’s DraftKings casino came in third place with $21m though it narrowly beats Borgata on the FY20 chart with a total revenue o $208.4m

Unsurprisingly, Ceasars Interactive Entertainment came out on top in the December poker placement with $1.17m, however, its total December iGaming revenue is not as impressive as that of other top casinos sitting at $8.9m. This brings its FY20 total to a pretty low $94.8m.

The Tropicana casino doesn’t do any better with $6m in December and an FY20 total of $70.1m. Hard Rock AC also earned a meager $5.8m in December and $59.6m for the year. Taking the bottom spot is Ocean Casino resort with $1.1m in December and a yearly revenue total of $10.3m.

A Quick Peek at the Sports Betting Markets

New Jersey’s licensed sportsbooks also saw a jump in revenue for the month of December with a record $66.4m. The total wager cast for the year came in with over $6 billion which is a $4.9 billion leap from the 2019 figures. Overall, 92% of all wagers were handled online which represents $5.53 billion.

The New Jersey online gaming market continues to report ground-breaking revenue records which should serve as a lesson for the other US States still having doubts about authorizing online betting. With such revenue reports, states would make the best gains in taxes and other fees which would help fix budget deficits incurred due to the Covid-19 pandemic.

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