N. J. Gaming Enforcement Reported a Staggering 49.4% Boost
In its latest report, the New Jersey Division of Gaming Enforcement reported a staggering 49.4% boost in internet gaming revenue this month compared to revenue from the same period last year. The increase in online gaming brought the total revenue from online casinos to more than $21 million in March, a big jump compared to the same month last year.
In general, the revenue from internet casino games during the first three months of 2017 is showing a positive trend, making the New Jersey online gaming market more appealing. It also shows that the online gaming market is playing a more important role in stabilizing the fortunes of Atlantic City.
Brick and Mortar Casinos
There are now seven main brick-and-mortar casinos in Atlantic City, generating $200.1 million in winnings last month. Despite the steady market, these major players are looking for additional sources of revenue to further stabilize their businesses. After the closing of five more casinos since 2014, the number of casinos in Atlantic City seemed to be at its ideal level.
It is interesting to note that Borgata, an MGM Resorts International property, is still leading the charge with $59 million in revenue. Taj Mahal also posted a substantial gain in revenue, banking $31.8 million in wins last month. All top five of the seven remaining casinos reported a positive month. Bally’s and Golden Nugget both reported a loss, but not substantial ones.
The Push Towards Online Gaming
From the $200.1 million in total winnings generated last month, over 10% of it came from online casino games. This means there are more than $1 in online revenues generated for every $10 win made by brick-and-mortar casinos in Atlantic City.
While this may seem like a minor fact at first, the amount of revenue contributed by online casino games is not to be taken lightly. The availability of NJ mobile apps has certainly played an important role in the growth.
MGM Resorts International also announced its plans to bring Borgata Hotel Casino & Spa to the digital age. This is an attempt to further take advantage of the booming gambling market in the state.
Corey Sanders, MGM Resorts’ Chief Operating Officer, stated that the company is eager to expand its partnership with GVC as the regulated market of online gambling opens up across the country.
“This is a historic moment for MGM Resorts to be launching real-money online casino and poker under the MGM brand for the first time,” said Sanders.
Online Poker Attracting More Players
Despite the rapid growth, revenue from online poker is down 8.5% compared to revenue from the same period last year. The available online poker games generated $2.3 million in revenue in March, although the decrease can be traced to the launch of PokerStars this time last year.
Right now, we’re looking at a very volatile market that has the potential to grow exponentially in the coming months. Industry leaders will continue to take advantage of the open market as they expand their operations and invite more players to their online casino platforms.