During the month of April online casinos operating in New Jersey won a total of $17 million, establishing a new monthly record for the state.
Established in 2013, after a bill was passed by the state legislature and signed into law by Governor Chris Christie, New Jersey’s online gambling industry experienced a relatively slow start before undergoing a renaissance in recent months.
April’s record-setting monthly revenue mark surpassed the total established just last month, as New Jersey’s online casinos won more than $15.5 million in March. For comparison’s sake, New Jersey won slightly more than $13.1 million in March of 2013 – representing a 17.8 percent increase for the month.
The increase was even more pronounced this month, as the $17 million win represented a 33.8 percent jump over the $12.7 million win collected in April of 2015.
In terms of year-to-year growth, New Jersey’s online gambling industry has collected $61.9 million in winnings – an increase of 29.3 percent from 2015’s numbers.
Of the $17 million haul from April, online poker exclusively accounted for $2.6 million in winnings, with all other casino games combining to generate $14.3 million in profit for the state. Online poker generated $2.46 million in revenue in March, so April’s figures continue the upward trend.
Industry experts point to PokerStars’ highly anticipated re-entrance to the American marketplace as a key factor driving the accelerated pace of iGaming in New Jersey over the last two months. PokerStars – the global leader in online poker platforms – returned to the U.S. for the first time following 2011’s infamous “Black Friday” on March 21 of this year.
Partnering with Resorts Casino, which is based in Atlantic City, PokerStars made an immediate splash with poker players and casino game enthusiasts alike. Resorts Digital, the online casino entity operated by Resorts Casino in conjunction with PokerStars, posted a total online gambling win of $1.87 million this March, marking a significant increase over the $154,071 haul from March of last year. In fact, while all other online casino operators either stagnated or experienced single-digit gains, Resorts Digital managed to pad its numbers by 80 percent.
According to the New Jersey Division of Gaming Enforcement, activity on PokerStars represented 46 percent of April’s $2.6 million online poker win. Even so, April’s poker win was far less than the benchmark set in January of 2014, when New Jersey’s online poker rooms took in $3.4 million.
Of course, securing such a significant percentage of the overall win rate in less than two months of operation necessarily resulted in losses by PokerStars’ chief competitors.
The online poker platform powered by the Borgata Hotel Casino & Spa, in conjunction with PartyPoker, suffered a 30 percent drop in overall revenue in April. The conglomerate operated by Caesars – which includes property affiliation with Harrah’s, software powered by 888Poker, and WSOP.com branding – also saw its overall revenue numbers shaved by 20 percent following PokerStars’ launch.
Since the newly legalized and fully regulated online gambling industry was authorized in late 2013, New Jersey has collected a total of $51,358,216 in taxes from licensed operators.