New Jersey’s legal online casinos surpassed $700 million in lifetime revenue during November, and growth is anticipated to continue, based on analysts from PlayNJ.com.
“New Jersey could see lifetime income hit the $1 billion mark by the end of 2018,” said PlayNJ.com lead analyst Steve Ruddock. “There’s the possible for super-sized growth within the year ahead. Partnerships with Nevada, Delaware, Pennsylvania, and international markets could be a key driver because the market enters its fifth year.”
The state’s regulated on-line casinos generated $20.six million in November, essentially even with $20.6 million in October and up 20 % from $17.two million in November 2016.
“To place the state’s on-line gaming development into perspective,” Ruddock said, “New Jersey on-line casinos will produce nearly $250 million in 2017. That’s over 100 % much more than the industry generated in 2014.”
November pushed the state’s online gambling business toward extraordinary annual tallies:
With $224.85 million so far, 2017 is nicely past the $196.7 million record for annual revenue that the business set in 2016 and on pace to fall just shy of the quarter of a billion dollar mark for 2017. The industry has generated $701.7 million since inception.
New Jersey online casinos paid $3.six million in taxes in November, pushing the collection to $39.3 million for 2017. Because New Jersey legalized and regulated online gambling, the state has realized $122.eight million in tax income.
Online casino games generated $18.8 million in November. With $202.five million for 2017, on-line casino games have generated $596.04 million in lifetime revenue.
Online poker brought in $1.8 million last month to push the annual total to $22.three million. On-line poker has now generated $104.9 million in lifetime income.
“With new products like reside dealer casino games and virtual sports, and also the entrance of new brands, the significance of online gambling to the health of Atlantic City will only increase in 2018,” Ruddock said.