iGaming in New Jersey goes from Strength to Strength
Along with Nevada and its capital of Las Vegas, New Jersey is one of the key states in the US when it comes to real-money gaming. Atlantic City is synonymous with casinos and sports betting, so it’s little wonder that the Garden State has one of the broadest selections of online gaming and gambling options in the US, ranging from casinos to poker rooms and online sportsbooks.
Having been one of the earliest adopters of online gaming legislation back in 2013, New Jersey has paved the way for other states to follow suit in terms of the set-up of its online gaming market and the variety of games and real-money activities available to consumers.
Whilst newer states to have emerged in the US iGaming industry in recent years have experienced substantial growth over the past year, New Jersey has been consistently topping the board when it comes to generating record-breaking revenues. In 2021, for two months, revenues have exceeded the $100 million mark, proving that despite an increase in states legalising online gaming, the Garden State is going from strength to strength.
Breaking New Ground in 2021
January was a remarkable month for online casino and poker gaming in NJ. For the first time on record, both verticals generated a total of $103,771,312 in revenue. Not only was this revenue figure one of the highest for the month in the whole of the US, but it also demonstrated a massive 88.4% year-on-year increase in NJ profits from January 2020.
Revenue figures dropped slightly in February, although the market was still flourishing considerably, by the end of March, a whole new record was set.
The Division of Gaming Enforcement (DGE) recently released the official revenue figures for the month, which totalled $113,669,187 - a 9.5% increase on January’s record number. This brings the total year to date growth up to an impressive 84.24%.
The market had already been growing throughout 2020, following slightly declining revenues experienced from 2017 to 2019 (online poker revenues, for example, shrank by 8.5%, 11.81%, and 2.14% respectively during the three years), but 2021 is shaping up to be one of the best yet for iGaming in New Jersey.
The Figures in More Detail
Of the $113,669,187 total generated by iGaming platforms in March, $110,969,266 was pulled in by online casinos, while digital poker platforms generated a total of $2,699,921.
Although total online poker revenues had slipped by 1.7% compared to February – except for one platform, which increased its revenues by 8.55% during March – total online casino revenues had grown by 9.75% between March and Feb, contributing to 81.34% year on year growth.
Industry experts have attributed the slower growth of poker to the poor infrastructure in the country, as fewer states with the vertical legalized decrease the player pools that would be needed to achieve a tipping point of revenues. Online casino platforms, meanwhile, are now more popular with NJ residents than ever before.
Of the various nj online casinos operating in March, the Borgata platform pulled in the biggest chunk of revenues. As the largest iGaming operator in the state, having finally overtaken the Golden Nugget this year, Borgata’s offering was acres ahead of the competition in terms of consumer popularity. Revenues for the platform increased to $36.2 million in March 2021 – 41% growth year on year.
The Effects of March Madness
March didn’t just spell positive growth for real-money gaming verticals, it also boosted NJ’s online sports betting market in the process.
March Madness often drives betting revenues during the spring, and in 2021 total revenues generated by online sportsbooks surged from $46.1 million to $60.76 million between February and March 2021.