Online Casino Profits
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New Jersey’s rapidly growing online gambling industry posted record revenue during for March, 2017. That success, in turn, boosted the overall revenue of Atlantic City casinos, just like the system was supposed to work in the first place.
The good news from the Garden State was released on Wednesday by the state Division of Gaming Enforcement (DGE) in their monthly revenue report.
Overall, New Jersey online gambling revenue was up a whopping 40 percent over March 2016. That translates into $21.7 million dollars, compared to just $15.5 million last March.
The big winner on the online side of the NJ casino industry was the Golden Nugget, which took in more than $6 million from its online operations.
In terms of overall growth, Resorts Digital saw the most movement. The tiny operation posted $4.2 million in March this year compared to just $1.8 million last month. That’s an increase of 123 percent, according to a report in the Las Vegas Sun.
On the land-based side of the casino business, things were looking similarly bright. The Atlantic City casinos posted $200.1 million in revenue last month. That’s an increase of 6.7 percent over the previous year.
The seven remaining land-based casinos definitely benefited from decreased competition since the closing of the Trump Taj Mahal last year.
Many in the Jersey political and gambling worlds saw March’s big numbers as vindication of their plan to use online gambling to boost Atlantic City casino revenues.
Matt Levinson, chairman of the New Jersey Casino Control Commission told the Sun:
When coupled with the very strong earnings report that came out last week, it’s clear that casinos have started to grow the market and increase their profits. That is generating a lot of positive interest in Atlantic City and has already attracted significant new investment in this market.
Overall, New Jersey online gambling revenue is up 32 percent in the first three months of 2017.
So far, Pennsylvania is off to a great start as it looks to build upon record gambling revenue from the previous fiscal year.
According to data from the Pennsylvania Gaming Control Board (PGCB), PA online casino revenue fell slightly to $86 million in July. While still a respectable figure, it was down from the $86.5 million grossed in June and a peak of $98.6 million in May. Online casino revenue overall fell to its lowest total in the last five months.
PGCB data also shows that sports wagering went off a cliff in July, a development likely due to a dearth of events to bet on. Sports betting declined 33.5% month-to-month but is expected rebound with the coming NFL season and the MLB post-season.
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Hollywood, Rivers, Valley Forge Still Tops
For the eighth consecutive month, Hollywood Casino and its license partners—BetMGM PA Casino, DraftKings PA Casino and Penn National/Barstool—led all operators, grossing $31.8 million in revenue and taking 37% of the market. Both figures were down from June, when Hollywood and its partners brought in $34.5 million and held a 40% market share.
In second place in terms of revenue and market share, and also for the eighth consecutive month, were the land-based Rivers-Philadelphia Casino and its partners. BetRivers PA, Borgata PA Casino and PlaySugarHouse PA lifted Rivers to $25.7 million in revenue in July, down from $23.3 million in June. But Rivers still saw its market share increase to 30%, up from 27%.
Valley Forge Casino and its partner operators—FanDuel and Stardust Casino—have been in third place in Pennsylvania for the past year and three months. The partners made $14.2 million and held 16.5% of the market in July, but both of those figures were down slightly from June, when they made $15 million and had 17.5% of the market.
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Most Smaller Operators See Increase
Among the smaller operators in the Keystone State, only one—Caesars Interactive—saw their revenue and market share decline in July.
Caesars saw its online casino revenue fall to $1.1 million in July, down from $1.7 million in June. The operator’s market share also slipped to 1.3%, down from 2%. Caesars owns WSOP and Harrah’s and utilizes the land-based casino license of Harrah’s of Philadelphia to offer online casino games in the state.
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Parx Casino remained the biggest of the smallest operators, bringing in $4.2 million and securing 5% of the market, up from $3.6 million and 4% in June. Mohegan Sun and its online partner Unibet also fared better in July, grossing $2.5 million for 3% of the market in July, compared to $2.1 million and 2.5% in June.
Presque Isle and its online partner, TwinSpires Casino PA, grew its revenue to $1.1 million in July, up from just $490k in June. Wind Creek and the Live! Philadelphia Casino—the latter of whom is partnered with PlayLive! Casino PA and Betway Casino PA—increased their revenue to $1.4 million and $754k, up from $1.3 million and $749k, respectively.
Sports Betting Down Sharply
Sports betting declined to $24.9 million in July, down from $37.6 million in June. It was the lowest month for online sports betting since September 2020, when the pandemic forced the cancellation of sporting events worldwide.
Valley Forge and its sports betting partner, FanDuel, remained the top online sports bettor with $12.3 million in revenue and a commanding 49.5% share of the online sports betting market, down from $19.7 million and 52.5% in June. Meadows Racetrack and Casino, partnered with DraftKings, came in a distant second at $4 million and 16.2%—down from $6.4 million and 17% in June.
The next two sportsbooks, in terms of market share and revenue, had numerous similarities between June and July.
Hollywood and its sports betting partner, Barstool Sportsbook, had $2.3 million in revenue and held about a 9% market share in July. So, too, did Hollywood Morgantown, which is partnered with BetMGM Sportsbook. Both operators also had revenue of $3.2 million and 8.5% of the market in June.