The New Jersey casino industry has always been in the lead in the US and once again it sets a new record of $113.7 million in revenue for the month of March. The numbers released by the NJ Division of Gaming Enforcement surpasses the previous record of $103.8 million in January.
February saw a nice figure at $93.8 million which puts the entire internet gambling revenue for 2021 at a whopping $311.2 million. Land-based betting results are far behind but considering that all 9 Atlantic City casinos continue to operate at 50% capacity, this is to be expected.
Online revenue continues to soar even as restrictions on land-based businesses are relaxed and that is due to several factors which have played a part in the best monthly revenue report NJ online casinos have ever witnessed. Here are the four major factors:
1. Borgata Came Out On Top
Borgata makes headlines as it knocks Golden Nugget Online Gaming (GNOG) out of the leading spot to come out on top.
This news isn’t much of a surprise considering that the casino has been hot on GNOG’s heels over the last few months. As of February, both operators were only separated by a $2.2 million difference.
March seemed to be the year for Borgata as the month saw it become the first license holder in NJ online casino history to earn more than $35 million in a month. The actual figures are set at $36.2 million which is a few million more than the all-time high of $31.5 million set by Golden Nugget in July 2020.
For Borgata, this new number stands as a 196% year-over-year increase from $12.2 million.
2. Golden Nugget Set a New Record, Too
While Golden Nugget Online Gaming dropped to the No. 2 spot, that didn’t necessarily mean its revenue dropped. Actually, its revenue hit an all-time high of $31.7 million which is just a few numbers high than the $31.5 million recorded last summer.
The results are a combination of all operators under its license including FanDuel Casino, Betfair Nj, SugarHouse, and BetAmerica.
Taking a look at the year-to-date results, GNOG still takes the lead with $90.8 million compared to $90.6 million from Borgata.
3. NJ Sports Betting Gave a Bit Boost
NJ sports betting continues to push the online casino world as it plays an important role in online casino results. Big events like the two weeks of March Madness betting and conference tournaments contributed immensely to the $860 million recorded in wagers which makes March 2021, the fourth-best month in NJ’s online sports betting history.
4. NJ Online Casino Industry Still Growing
NJ online casino industry is already the biggest deal in the US but it is nowhere near its peak. The industry still keeps growing with more revenue reports pouring in. The monthly charts from the DGE do not show any revenue from Bally’s AC which plans to roll out products PointsBet and the Score under its license.
There is also Ocean Casino Resort which sits far back when it comes to casino totals with just $1.3 million in March revenue. This actually represents a 92% increase from March 2020. The operator only has Ocean and Park brands operating under its license so its revenue figures make more sense since other top offers have more brands under their licenses.
Brands to expect include Tipico which looks to offer mobile sports better. There is also PlayStar Casino which has announced a partnership deal with Ocean Casino this year.
While these new names might not be able to tackle industry heavyweights like BetMGM or Golden Nugget, there is still much space in the market to accommodate new operators.