Ongoing Progress in Online Gambling for New Jersey
Atlantic City's casinos are slowly but surely making their mark in New Jersey's regulated online gambling scene. The monthly growth in the industry has been consistent, with March recording even more steady and steady gains.
For March, New Jersey's online gambling sites managed to rake in almost $12 million in total revenue, which is a $1.6 million increase from February. That's a 15% jump, not too shabby!
Most of this growth came from casino games, with Casino sites making $8.7 million in comparison to the $7.2 million they made in February. Online poker, on the other hand, saw little change, bringing in just over $3.2 million compared to $3.1 million in February. While there was more time in March compared to February, the per-day revenue for poker sites actually took a hit.
The Borgata continues to reign supreme as the market leader. Their sites, in cooperation with partner bwin.party, brought in about $4.4 million in revenue, up by 8% from February. This amounts to a solid 37% of the total market, and also gives them the top spot in both poker (51%) and casino games (32%).
Keith Smith, the CEO of Boyd Gaming (which owns half of the Borgata), had this to say: "We’re witnessing steady growth in online casino gaming, and we're working hard to bolster our poker business as well. Improving payment options for our customers is a major priority, and we're making great strides in that department."
Hot on their heels is Caesars Interactive. They bagged $3.7 million in March, an 11% increase from February. Their share of the casino games market is about $2.25 million, while their poker business accounts for $1.46 million of the market. Together, these two companies control about 97% of the New Jersey regulated online poker market.
Trump Taj Mahal's $100,289 in revenue accounted for the remaining 3%, while the Trump Plaza's $25 in poker revenue is more of a quirky footnote than anything else. Yup, just $25.
While the poker market seems to be consolidating around the big boys, the online casino gaming field is becoming more competitive. All six companies that reported online gambling revenue saw some form of growth, but Golden Nugget and Tropicana really shined. Golden Nugget's revenue grew 47% to $677,746, while Tropicana saw a 41% increase to nearly $1.9 million. Both these numbers came solely from casino games, as neither of these companies has a poker site in New Jersey.
The first quarter of 2014 saw New Jersey's internet gambling sites earn a total of $31.6 million. Online poker represented 31% of all these revenues.
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