JANUARY REVENUES FROM ONLINE GAMBLING IN NEW JERSEY RISE
13th February, 2015 at 03:24:26
22% year-on-year improvement.
There was better news for online gambling operators in New Jersey this week when the January numbers were released by the Division for Gaming Enforcement, revealing a 22% year-on-year improvement in revenues to $11.6 million...an 8% rise on the preceding month.
Online poker rake and fees during January was also up 11% on the preceding month, although on a year-on-year basis it declined a very disappointing 33 percent.
Online casino action delivered $9.3 million in January - up 54% from the previous year and 8% from the previous month.
Borgata-Party Poker continued to lead in the online poker vertical, at $1.3 million it was $300,000 ahead of its sole rival, Caesars-888.
On the online casino front, Tropicana led the market with revenues of $2.6 million, following by Borgata-Party ($2.5 million); Golden Nugget-Betfair
($2.5 million); and Caesars-888 ($1.4 million).
On the land side of the Atlantic City business, the reduction in competition following four closures over the past year slowed the revenue attrition rate to just.2% year-on-year, with total win coming in at $186 million.
Revenue in January at the city's remaining eight casinos was up nearly 19% compared to a year ago.
Seven of the eight remaining land casinos posted improvement over last year, with Borgata continuing to dominate the market with a win of $57 million - nearly double that of second placed Harrah's. Golden Nugget posted the largest percentage gain, up 50.8% over the year before.
Six of the eight Atlantic City casinos won at least 18% more in January 2015 than they did in January 2014.
The only loser was the Trump Taj Mahal, where gaming win was down 21.2 percent.
Matt Levinson, chairman of the New Jersey Casino Control Commission, said the numbers could indicate the worst is over.
"Seven out of them were up, and six reported double-digit increases," he said. "Even when you include the now-closed casinos in last year's results, the total gaming win is still up. While it is always risky to say we've turned a corner or that there is light at the end of the proverbial tunnel, let me say that January's results are very encouraging."
Related News Tags: Land Casinos, Atlantic City, Party Gaming, Harrahs, New Jersey, Betfair