New Jersey Produce Record Revenue In October

During October, after Governor Phil Murphy introduced additional restrictions last week, New Jersey online casinos, poker rooms and sportsbooks won more firsts.

For the first time, when online and retail sportsbooks hit $800m, igaming companies and New Jersey poker offerings soared past the $90m mark to produce a record revenue of $93.5m up 106.7 percent from $45.2m a year earlier. In state taxes, this yielded $14m.

Online Golden Nugget once again dominated the igaming charts with $28.6m in sales, a 69.2 percent leap from $16.6m in 2019, closely followed by Borgata, which raised its October figure by 184.6 percent to $22.1m (2019: $7.75m) and $21.6m (2019: $10.3m) in Resorts Digital.

Eric Ramsey, analyst at PlayNJ.com said: “Catching the Golden Nugget is a tall task, but operators such as Borgata and Resorts Digital have made important gains. Operators have been forced to drive revenue through their online portals to supplement what has been lost in the retail market.”

Documenting the sporting success of the jurisdiction in October, PlayNJ analysts commented that the state is on the road to the “best year in terms of wagering of any legal jurisdiction, a shocking achievement in such an unusual year.”

According to New Jersey Division of Gaming Enforcement results, New Jersey’s online and retail sportsbooks combined to break their own monthly all-jurisdiction record for the third consecutive month with $803.1 m in bets in October. Those bets beat the September record of $748.6 million won and are up 64.6 percent from $487.9 million in October 2019.

October bets yielded a record $58.5m in gross operator sales up 26.1 percent year-on-year from $46.4m, and smashed the previous $53.6m record set in January. The estimates from October pumped $7.4m into state coffers.

New Jersey has now produced $4.1bn in bets so far this year amid months of retail sportsbook closures and sports stoppages. This puts New Jersey on track to surpass the $5.3bn all-jurisdiction mark set last year by Nevada.

Dustin Gouker, lead analyst at PlayNJ.com added: “The record-setting pace has now continued even as October’s sports schedule returned to something more resembling normal, which is a great sign for the industry’s near-term. New Jersey is now clearly the standard-bearer among legal sports jurisdictions, and the state seems to only be widening the gap.”