New Jersey’s Atlantic City land-based casinos are still waiting for the governor’s approval to reopen for business. They have been shuttered since mid-March due to the coronavirus pandemic. The best-case scenario appears to the busy 4th of July weekend as a potential time frame.
In the absence of land-based casino gambling and NJ online sports betting, the Garden State’s online casinos have been doing their best to help fill the void. In the latest gaming revenue report issued by the NJ Division of Gaming Enforcement, NJ online gaming revenue in May was close to $100 million.
It was reported that NJ online casinos took in $86 million in revenue with online sportsbooks adding $10 million to the till. NJ Online poker sites contributed almost $5 million to the total casino revenue figure.
Online gambling in New Jersey had been trending up before the coronavirus shut the land-based venues down. As one of the strongest gambling states in the country, the online segment is more than pulling its weight over the past three months.
Even more impressive could be the $10 million in online sports betting, considering that most live sports and sporting events remain off the board.
Overall, the loss in total NJ gaming revenue was down more than 30 percent. However, most states without sportsbooks apps such as the Pointsbet App or the bet365 app to complement their land-based casinos saw their revenue drop to zero with those facilities closed.
Another big plus for New Jersey is the overall tax revenue generated by online sites. Since they are taxed at twice the rate of land-based casinos, the total loss was further minimized. The best offers from NJ sportsbooks right now are the bet365 bonus code, Pointsbet promo code, Unibet bonus code and BetMGM bonus code.
The biggest online casino in New Jersey in terms of total revenue is the Golden Nugget. May’s casino revenue topped out at close to $30 million. Next on that month’s list was Resorts with almost $16 million in revenue. That casino’s top online site is DraftKings with PokerStars running the online poker site.
As far as the biggest increase in online revenue as compared to May, 2019, the Hard Rock topped the list at plus 20 percent. The smallest NJ online casino site based on total revenue is Ocean Casino. This was the only site that posted a decrease in casino revenue (-7.7%) as compared to May of last year.
Two of the biggest contributors to May’s online sports betting revenue were NASCAR Cup Series races and UFC fights. TV networks such as ESPN+ broadcasted the events and the $10 million in total revenue was four times as much as April’s figure. With more sports back on the board for June such as the PGA Tour and several international soccer leagues, revenue should increase again across all the NJ online sportsbook sites.
Since opening its first sportsbook in June of 2018, the overall sports betting business in New Jersey has been booming. The state now rivals Nevada sports betting as the biggest wagering state in the country. A strong commitment to building a network of online sports betting sites is obviously paying off. This is despite the overall dire situation in the entire sportsbook industry over the past few months.
