For the eighth month in a row, New Jersey’s online gambling industry generated more than $20 million in revenue. As the state celebrates the fourth anniversary of legal internet play, the October numbers also brought the yearly gross revenue total up to $200 million, setting a new annual record with two months still to go in 2017.
No Trick, Just Treats
According to the latest Monthly Internet Gross Revenue Report, which the New Jersey Division of Gaming Enforcement released on Wednesday, the $20.6 million generated in October averages out to $663,471 per day. Of that, the state pulled in $3.6 million in monthly tax revenue. The total haul was an increase of $200,000 compared to September’s numbers, and was up considerably from the $16.7 million generated in October 2016.
The strong month brought the 2017 gross revenue total up to $204.2 million. It not only surpassed last year’s record of $196.7 million, but also it marked the first time the New Jersey online gambling market crossed $200 million.
According to analysts from PlayNJ.com, the state is on pace to generate $250 million by year’s end. They also report that since New Jersey legalized online gambling in November 2013, the industry has $682.6 million in lifetime gross revenue. That has resulted in $119.4 million in tax dollars for the state.
Borgata, which hosts playMGM, Party, and Pala brands, is still the market leader having generated $4.2 million in October, and $180.7 million lifetime.
Last month, Pennsylvania became the fourth state to legalize online gambling behind New Jersey, Nevada, and Delaware.
“After Pennsylvania’s online casinos go live, a total of 26 million US residents will have access to legal, regulated online gaming sites,” said analyst Steve Ruddock.
That rising tide will positively affect every state where online gambling is legal.
If Pennsylvania were to join those three states in their current interstate compact, which is expected to happen sometime next year, the potential US online poker market would immediately double in size.
PokerStars has already set its sights on the new market, but they and any other online outlets will need to partner with one of the Keystone State’s 12 land-based casinos in order to apply for a license. Operators will have to pay a $10 million licensing fee to offer table games, slots, and poker, or they can pick and choose for $4 million apiece.
While the legalization and regulation of online gambling was good news for poker fans, it wasn’t for online poker opponent Sheldon Adelson. He’s rumored to be shopping his Sands Bethlehem casino, meaning if he finds a buyer the aging casino mogul who is strongly anti-online gambling could very well exit the Pennsylvania market.