The sports betting and online gambling industry of New Jersey destroyed previously held financial records for October, and the margin was quite wide.

According to data released on Friday by the DGE – New Jersey Division of Gaming Enforcement – the online casino and poker licensees in the state generated an estimated $93.45 million in revenue for the month of October.

This is twice the figure reported at the same time last year and it is about $6 million higher than the previous monthly sum set this August for the state.

The revenue of the online casino in October was just under $91 million which is a 108.7 percent year-on-year rise. On the other hand, online poker rose to about 53.5 percent to $2.5 million.

The overall online revenue for the year-to-date rose to about 103 percent to more than $779 million. Casino games rose by 103.4 percent to $745.7 million while poker games increased by 88.5 percent to $33.4 million.

Just as expected, individual property records fell to considerable new lows. The Golden Nugget’s $28.1 million in online casino revenue.

Borgata came in a not too distant second place and its partner in BetMGM – which went home with $22.1 million of which $724,000 came through poker – was narrowly in front of Resorts Digital Gaming. They were also ahead of its FoxBet/DraftKings partners raking in $21.6 million (approximately $842,000 from the poker offering of PokerStars).

However, things dramatically dropped off as Caesars Interactive Entertainment won the poker race by raking in $952,000. On the other hand, its earnings of $8.2 million is just about a million dollars more than the casino-only offering of Tropicana.

For Hard Rock Atlantic City, they had a fairly good month as they earned about $5.5 million while Ocean Casino Resort came in last with a $678,000 earning.

The sports betting operators of New Jersey reportedly earned a combined sum of $803.1 million. All but the sum of $59.2 million was staked online. Without ease, this smashed the previous record set in September which was pegged at $748.6 million.

Betting revenues rose to as high as $58.5 million which brought the year-to-date total to an estimated $281.6 million. This is about 18.8 percent when measured from the first ten months of last year.

The betting market of New Jersey could get a much needed boost if restrictions are eased on college sports betting.

The existing rules do not allow local bookmakers from betting on games that involves state schools. This week, the senate committee of New Jersey approved this contentious law.

The senate Budget and Appropriations Committee approved the resolution but will still need majority approval in the legislative chambers and also the voters. If this sails through, they still need a ballot referendum before it’ll becomes law.

Source: https://calvinayre.com/2020/11/13/business/new-jersey-online-gambling-sports-betting-records-fall/

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