NJ Online Casino Revenue Reports January 2020
January 23, 2021
The January tax report for the NJ online casinos has been released and shows continued growth for the online casino industry as a whole. However, some brand shows a standstill, or even a decline in online casino revenues.
Golden Nugget Holds the Throne
The big leader of the pack is still Golden Nugget, who with their brands Golden Nugget NJ, Betfair, PlaySugarhouse NJ, and BetAmerica reported a gross internet gaming revenue of $21.2 Million, which is an increase of 74.1% compared to the same period last year.
The biggest revenue growth since last year was made by Borgata, which grew by 118.7% since the same period last year, from a revenue of $4.7 Million to $10.4 Million.
Caesar’s and Ocean Falls Behind
Almost all other brands are showing healthy growth, except Caesars Interactive, with the partnering brands Caesar’s, Harrah’s, WSOP.com, and 888.com, which was the only casino in New Jersey that showed a decline of 7.4% in internet gaming revenue from $4,6 Million in January 2019 to $4.2 Million in January 2020. The partnering brands Caesar, Harrah’s, WSOP.com, and 888.com.
Ocean Resort stayed at the same level of revenue as last year, growing only 0.1% to an internet gaming gross revenue of just $531,343. Their land-based casino and sports wagering revenues still show growth, which indicates that their online casino business might not be their focus at the moment.
In total, the industry-wide New Jersey gross internet gaming revenue grew to $55.1 Million in January 2020 from $33.6 Million in February 2019, which is a growth of 64.0%. Internet gaming is still a bigger industry than sports wagering with a gross revenue of $24.4 Million in January. However, sports wagering has a higher growth rate, growing 139.9% compared to the same period in 2019.
The gross online casino revenue leads to a large tax income for New Jersey, where online gambling contributes with $8.3 Million in taxes, compared to the land-based tax total of $13.6 Million. A very welcome tax contribution to the state!