The current pace of growth across New Jersey’s igaming scene could see the region generate in excess of $650m revenue this year, smashing the previous years $482.7m reports PlayNJ.com.

With the recent addition of live online slot games adding a new avenue for growth, New Jersey’s online and retail sportsbooks could also be poised to surpass Nevada for the first time since August.

January’s igaming win surged 64 per cent year-on-year to $55m (2019: $33.5m), with total gaming revenue across the state reaching $300.7m for the month, representing a 30.9 per cent rise from $229.6m.

Golden Nugget continues to retain its place as overwhelming market leader with revenue of $21.2m, a 74.1 per cent rise from $12.1m, ahead of Resorts Digital which was boosted 84.8 per cent to $11.9m, (2019: $6.4m). 

Borgata saw its figures more than double to $10.3m (2019: $4.7m), with Caesars Interactive NJ the only entity to see a decline to $4.2m, a 7.4 per cent drop from $4.5m.

“$700m in revenue is within reach this year, which would have been inconceivable just a few years ago,” Eric Ramsey, analyst for PlayNJ.com, said. 

“The industry’s ability to find new areas of growth, along with the symbiotic relationship that exists with online sports betting, will keep online casino gambling moving forward.”

Borgata’s 8.5 per cent land-based increase to $54.6m (2019: $50.3m) saw the property retain its dominance, ahead of Harrah’s at $23.5m, increasing 9.5 per cent from $21.5m, and Hard Rock’s $21.4m, rising 38 per cent from $15.5m.

The month’s sports betting handle yielded a record $53.6m in revenue, up 185.2 per cent from $18.8m year-on-year, and reaching three milestones of over $6bn in bets, in excess of $400m in revenue and more than $50m in sports betting taxes since launch in June 2018.

“New Jersey could very well top Nevada, not just in January, but for the foreseeable future,” said Dustin Gouker, lead analyst for PlayNJ.com. “And assuming that happens, we could be seeing the beginning of New Jersey’s more permanent place as the top market in the country.”