Growth of online gambling revenues slows down in New Jersey
March 14, 2014
Regulated online gambling generated gross gaming revenues (GGR) of US$10.3m in New Jersey last month, representing an 8.4% increase compared to the previous month according to figures released by the state’s Division of Gaming Enforcement.
Revenues were driven by an increase in money wagered through operator’s online casinos, overtaking online poker for the first time for market leaders the Borgata and Caesars. Total online poker revenues for the month were $3.1m or 30% of total win, compared with online casino, which generated $7.2m.
The Borgata is still the leading operator in the Garden State, generating GGR of $4.05m in February with $2.5m coming from its online casino sites and $1.5m from its online poker sites run with platform partner bwin.party through its PartyPoker brand. “Boyd Gaming continues to strengthen our position as a leader in online gaming. We were particularly encouraged by the performance of Borgata’s online casino site, which achieved month-over-month revenue growth of 36%, and more than 50% on a per-day basis”, said Borgata CEO Keith Smith. “Mid-February Borgata launched an Android-compatible app that can access 3G and 4G networks, making it more convenient than ever to play at Borgata. We have migrated our entire suite of IGT game titles to this app, ensuring that our mobile gaming experience meets the high expectations that players have for the Borgata brand,” he added. Caesars Interactive came in second place with revenues of $3.3m, while Tropicana ranked third, with a 60% month-on-month increase to $1.4m.
This month-on-month increase is lower than the one between January and February, that reached 28%. The number of new accounts created dropped from 72,000 in January to around 50,000 in February, taking the total to 248,241. Research firm Eilers predicts that GGR in New Jersey will grow 7% -12% month-on-month in March to generate revenues of $11 – 11.5m.