New Jersey Experiences Online Casino Boom as Sports Betting Flattens Out

New Jersey Online Casino Revenues Get Off to a Flying Start in Q2, 2020

Online gambling revenues in New Jersey have spiked dramatically heading into Q2, 2020. The closure of land-based casinos in Atlantic City has fueled a resurgence of activity in online casino and online poker gaming. During March 2020, New Jersey’s online casino revenues rose to $65 million – up 66%. A strong uptick in betting activity on blackjack, slots, roulette, and baccarat are fueling the online casino boom. The current economic climate is expected to serve as a catalyst in online casino gaming for states across the nation. Currently, only New Jersey, Delaware, and Pennsylvania permit online casino gaming, while Nevada allows online poker gaming.

To date, some 15 states allow online sports betting which has suffered in the run-up to Q2 2020. Analysts anticipate online gambling revenues in New Jersey will hit $700 million before the year’s end, up substantially from $483 million for the full year ending December 31, 2019. As more players shift from bricks and mortar casinos to regulated online casinos in New Jersey, these virtual casinos are seeing strong increases in gambling take.

According to the Department of Law & Public Safety, and the Office of the Attorney General (Division of Gaming Enforcement), the following monthly Internet Gross Revenue reports for March 2020 were released:

Borgata Hotel Casino & Spa – Monthly Internet Gross Revenue Report

  •  Peer-To-Peer Games – $825,084
  • Other Authorized Games – $11,396,840

Caesars Interactive Entertainment – Monthly Internet Gross Revenue Report

  • Peer-To-Peer Games – $1,643,153
  • Other Authorized Games – $5,015,245

Golden Nugget Atlantic City – Monthly Internet Gross Revenue Report

  • Other Authorized Games – $23,301,487

Hard Rock Atlantic City – Monthly Internet Gross Revenue Report

  • Other Authorized Games – $3,317,205

Ocean Casino Resort – Monthly Internet Gross Revenue Report

  • Other Authorized Games – $658,916

Resorts Digital Gaming, LLC – Monthly Internet Gross Revenue Report

  • Peer-To-Peer Games – $1,160,875
  • Other Authorized Games – $12,349,028

Tropicana Casino & Resort – Monthly Internet Gross Revenue Report

  • Other Authorized Games – $5,154,070

By contrast, the monthly sports wagering for the month of March 2020 report reads as follows:

  • Bally’s Park Place, LLC – Internet Sports Wagering – $44,413 gross revenue/tax
  • Borgata Hotel Casino & Spa – Sports Wagering – Internet Gross Revenue $609,235
  • Golden Nugget – Sports Wagering Internet Gross Revenue – $143,209
  • Hard Rock AC – Monthly Internet Sports Wagering Gross Revenue – $167,314
  • Harrah’s Atlantic City – Monthly Internet Sports Wagering Gross Revenue – $0
  • Ocean Casino Resort – Monthly Internet Sports Wagering – $635,620
  • Resorts Casino Hotel – Monthly Internet Sports Wagering Gross Revenue – $0
  • Resorts Digital Gaming, LLC – Monthly Internet Sports Wagering – $5,136,690
  • Tropicana Casino & Resort – Monthly Internet Sports Wagering – $17,180
  • New Meadowlands Racetrack LLC – Monthly Internet Sports Wagering – $5,676,337
  • Darby Development Monmouth Park – Monthly Internet Sports Wagering – $849,236

Online Betting Industry Developments In New Jersey

Diamond Eagle Acquisition (DEAC) recently merged with leading online sportsbook DraftKings. For the year-to-date, Diamond Eagle shares have appreciated markedly. The company’s shares were trading at $10.68 per share on January 2, 2020, and ended the day on Friday, 24 April 2020 at $17.53 per share, for a 64.14% appreciation for the year-to-date (YTD).

The DraftKings merger with Diamond Eagle Acquisition has resulted in a mega-company with a market value of around $6 billion, featuring 347 million shares. This places this company head and shoulders above the competition, including Eldorado Resorts, Caesars Entertainment and Penn National Gaming.

The DraftKings deal had stop-started for quite some time, with a failed merger and a stalled IPO. But now, the Boston-based company is up and running, and thanks to the $3.3 billion acquisition with Diamond Eagle Acquisition Corporation, DraftKings has exploded out of the gates despite a lull in sports betting activity. Many other companies in and around New Jersey with legal sports betting operations in place are looking to mimic the success of the DraftKings debut.

The current economic predicament is likely to shine a light on legal online sports betting in other states around the union. This, at a time when New Jersey land-based casinos reported a 61.7% decline YOY (year-on-year) in casino revenues in March 2020. While Borgata led the way with $19.3 million in March 2020 casino win, it too was down 67.5%. The worst performing operator was Bally’s at $5,520,274, down 62.7% year-on-year.

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