New Jersey’s igaming market has continued to thrive through the month as November, as the majority of Atlantic City’s long establishment land-based casinos continue to see revenue decline in the face of fresh competition, reports the Garden State’s Division of Gaming Enforcement.
Posting an overall 12.6 per cent year-on-year increase to $209.2m (2017: $185.8m), it’s the Borgata who continues to dominate proceedings bringing in $55.7m, a 7.1 per cent drop on 2017’s $60m.
Harrah’s saw the largest percentage decrease with 10.9 per cent to $25.3m (2017: $28.4m), whilst Resorts is the sole property, of those also in operations this time a year ago, to record a yoy profit, reaching $16.4m, a 9.9 per cent boost from $14.9m.
Hard Rock and Ocean Resort, both of which opened for the first time on June 27, saw slight decreases from the previous month, reported figures of $21.4m (Oct: $23.2m) and $11.6m (Oct: $13m).
Online casino win for New Jersey continues to go from strength to strength, with a 30.7 per cent rise to $26.9m (2017: $20.6m) contributing to overall revenues for the month of $257.3m, up 24.7 per cent on the previous years $206.4m.
It’s the Golden Nugget that continues to be the clear igaming market leader within the region, its 48.7 per cent jump seeing an increase from $6.1m to $9.2m yoy.
Next up is the Borgata, whose 12.4 per cent rise saw it reach $4.7m (2017: $4.2m), ahead of Caesars Interactive NJ’s $3.9m, up 17 per cent from 2017’s $3.3m.
New Jersey’s burgeoning sports betting market also recovered somewhat from October’s 51 per cent month-to-month decline, posting $21.2m in revenues as opposed to the previous months $11.6m.
Wagers at the region’s online and retail sportsbooks increased 27 per cent in November to $330.7m, whilst overall handle now sits at $928.1m, a fraction below the £1bn barrier in less that six months of legalisation.
“New Jersey continues its march toward becoming the nation’s largest legal sports betting market,” explained Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The main driver is online sports betting, which now accounts for the vast majority of all bets in New Jersey. The state’s embrace of mobile betting has shown the path forward for any other state planning on legalising and regulating sports betting.”
DraftKings, operating under the Resorts licence, topped New Jersey’s online market with 34 per cent of overall revenue generated, slightly ahead of FanDuel, who in turn topped the retail market with 42 per cent, led by its Meadowlands operated offering.
Gouker added: “DraftKings’ advantage from being the first to hit the online market is slowly beginning to dissipate, and no New Jersey sportsbook will be affected more by legalisation in New York than FanDuel at The Meadowlands.
“With the market set for change, it’s critical for operators to establish a solid foundation in terms of revenue and users now.”