NJ gaming revenue grows to $241.2m in February
The New Jersey Division of Gaming Enforcement (DGE) has reported a 25.6% year-on-year increase in gaming revenue in February, though the contributions from igaming and sports betting fell sequentially.
Total gaming revenue for the month grew to $241.2m (£181.9m/€213.2m), with the majority of the total coming from land-based gaming. The channel accounted for $196.7m of February’s total - up 15.7% - comprising $139.6m of slot machine revenue and $57.1m from table games.
iGaming revenue, meanwhile, was up 44.4% year-on-year to $31.7m, though this represented a 5.5% decline from January.
The vast majority of igaming revenue (94.3%) was generated from products such as table games and slots, with peer-to-peer games (poker) accounting for just $1.8m. Just three of the state’s licensees, Caesars Interactive, the Borgata and Resorts Digital, now offer poker.
Golden Nugget remains the leading operator in the market, generating revenue of $10.7m, up 35.7% from the prior year.
Resorts Digital, meanwhile, remains in second place after reporting a 76.3% increase in igaming revenue for the month to $6.7m. The venue, which counts PokerStars among its sub-licensees, saw non-poker revenue jump 97.7% to $6.1m, helping offset an 18.7% decline in poker revenue to $563,940.
The Borgata Hotel Casino & Spa remains in third after igaming revenue rose 18.8% to $4.5m, followed closely by Caesars Interactive, which saw revenue grow 34.1% to $4.3m in February. Tropicana, meanwhile, generated igaming revenue of $3.5m.
Hard Rock and Ocean Resorts, which both opened for business in the second half of 2018, accounted for $1.7m and $483,508 of revenue respectively.
Looking to sports betting, February revenue came in at $12.7m. While there is no prior year comparison, as legal wagering did not launch in the state until June 14, 2018, the monthly total represents a 32.2% month-on-month decline from January, which included the National Football League (NFL) playoffs.
Meadowlands Racetrack, which has partnered Paddy Power Betfair’s FanDuel for its sportsbook offering, accounted for $8.1m of revenue for the month, making it by far the largest single licensee. Coming in a distant second was Resorts Digital, partnered with DraftKings, with revenue of $3.7m.
Monmouth Park, partnered with William Hill, generated revenue of $774,309, followed by Ocean Resort, which contributed an additional $746,017.
Four of the state’s sports betting licensees posted losses for February, with the Borgata’s $755,992 loss the most significant.
The monthly figure also includes betting on the Oscars, the first time this was legally available in the US. In Total $747,696 was wagered on the ceremony, which took place on February 24, with customers winning $565,179, for a win percentage of 24.4%.
The total amount wagered on the Oscars at all retail and online locations and on all Oscars categories was $747,696. The amount paid out to settle winning wagers was $565,179. The industry win percentage was 24.4%.
Over the first two months of 2019, total gaming revenue generated in New Jersey stood at $470.8m, up 25.1% year-on-year. This comprised $374.0m from land-based gaming, $65.3m from igaming and $31.5m from sports betting.