New Jersey overcomes poor hold to post 32% revenue rise
Online casino market up 38% to $19.2m despite several jackpot pay-outs
New Jersey’s online gaming market recorded a total win of $21.3m in August, up 32% year-on-year.
The figure, which also represented a 3% month-on-month rise, was boosted by the entry of new entrants SugarHouse and MGM compared to last August, but held back by some major jackpot pay-outs, EGR understands.
Online casino continued to do the heavy lifting growing 38% year-on-year to $19.2m, while poker slipped back 4% to $2.1m.
“Even factoring out MGM, the market looked strong in August, which has historically been a down month for the casino product in New Jersey,” said Chris Grove, an analyst at Eilers and Krejcik.
“But the divergence between winners and losers was even starker than usual in August, with Caesars rocketing up 44% (+$1.17mm) and Golden Nugget shaving off 17% (-$1.05mm). We believe hold played a role for both operators. We also believe that aggressive bonusing by Caesars deserves part of the credit for the breakout month.”
Despite the relatively down month, Golden Nugget and its sub-brands continued to lead the market with revenues of $5.2m, up 50% year-on-year.
Caesar’s strong month propelled it to second in the market with revenues of $4.4m, up 43% year-on-year.
Borgata posted revenues of $4.3m, with Tropicana at $3.8 and Resorts at $3.5m.