A Record-Breaking Quarter For New Jersey’s Online Gambling Industry
According to the data made available by PlayNJ.com, the legal online gambling industry in New Jersey can be more than satisfied with the results recorded during the first quarter of the year.
The figures reveal the Garden State has had a record-breaking quarter, while the March performance was especially strong, helping boost the state’s gaming industry.
Online Gaming – An Important Factor
Commenting on the data published by PlayNJ.com, Steve Ruddock, the lead analyst of this private organization focused on promoting and supporting the legal online market in New Jersey, said the revenue records grabbed headlines, but the story didn’t end there.
He stated online gaming was increasingly important to the bottom line of every casino operator in the state and pointed out it had been a key factor in the gaming industry’s 23.7% increase in gross operating profit in Q4 2017.
When it comes to March, online casinos operating in New Jersey generated a gross revenue of $25.6 million, which is 16.3% more when compared to February ($21.99 million).
Excellent Performance So Far
Since the beginning of the year, New Jersey has taken home a total of $69.5 million in revenue. That’s an increase of 17.3% when compared to the corresponding three-month period of last year.
The first three months of 2018 are record-breaking ones in terms of monthly revenue since the state made online gambling legal back in 2013.
Ruddock stated online casino had been able to produce another incredible month of revenue as the market for these games continued to grow but added there were few obvious signs of a slowdown.
Borgata became the first New Jersey license holder whose total gaming win exceeded $200 million, after grabbing $4.6 million in March.
The Golden Nugget recorded an all-time high result of $8.7 million, which represented a 9.8% increase over February.
Ruddock added the Golden Nugget had become a leader for the state’s legal online gambling industry.