Though casinos are reopening, the NJ internet gambling industry still continues to build momentum and could hit a new record this year.
Here are 4 major reasons why NJ online casinos will continue to soar to new heights and stay above $90 million in monthly revenue.
1. BetMGM Climbs Higher in the Leaderboard
Borgata looks to claim the top spot on the NJ online casino leaderboard and 2021 seems to be the perfect year. The MGM-owned property already claims the No.1 spot in total game revenue, however, it is still a bit far off in the iGaming sector.
The license holder reported a revenue of $26.7 million in February which was dangerously close to the $27.9 million reported by Golden Nugget Online Gaming. While this may seem to represent a gap of just $2 million, it actually stands as a 216% year-over-year percentage growth from Borgata which is a big figure to go by. Golden Nugget’s monthly revenue recorded a smaller jump of 41%.
2. Golden Nugget Strengthens Its Hold on NJ
Golden Nugget Online Gaming already claims the top spot in the NJ online casino market and it looks to strengthen its position with the addition of more weapons in its arsenal. There are five skins operating under the casino license with the latest addition being FanDuel Casino. While the company hasn’t released any formal announcement of the change, a press statement is still expected.
FanDuel has been going through several changes with its operators, Boyd Gaming and FanDuel Groups announcing that its Betfair Casino will be rebranded as StarDust Casino taking after the once famous Las Vegas Resort.
3. NJ Sports Betting Revenue Drops
The NJ sports betting sector didn’t set new records as it experienced one of the lowest amounts ever wagered. This isn’t surprising as the main sports events had wrapped up during the early days of the month. For the month of February, the NJ sports betting sector recorded only $743 million in wagered amount which is the lowest ever recorded since August 2020. With the NFL betting season coming to a close with the Super Bowl on Feb 7, this doesn’t come as much of a surprise.
Checking the revenue reports from December to February, it shows that the highest online casino revenue coincided with the best months for sports wagering.
- December 2020: $99.4 million for online casino/ $996.3 million for sports betting
- January 2021: $103.7 million for online casino/$958.7 million for sports betting
- February 2021: $93.8 million for online casino/ $743 million for sports betting
This pattern isn’t likely to slow down anytime soon with new events like the NCAA Tournament, The Masters and Major League Baseball, and the NBA Playoff coming soon.
4. Atlantic City Casinos Could Make a Comeback
It’s been a year since Atlantic City casinos shut their doors and made players turn to online casinos. The online casino industry saw huge surges with the lockdown.
Presently, Atlantic City casinos can operate at a 50% capacity and most gamblers are already looking forward to being back on the casino floors.
However, it is unlikely that such a change will cause online casino revenue to drop as more players would prefer gaming on the go or gaming at home rather than having to visit the casino halls.