Last month, New Jersey online casinos exceeded expectations when the market earned nearly $80 million.
Unsurprisingly, online casinos continue to benefit from the closure of Atlantic City casinos to the tune of $85.9 million, another record.
Let’s take a closer look.
NJ online casino highlights
Golden Nugget maintains its dominant position in the NJ online casino market. It earned $29 million, another record for the casino. The amount represents a 1.7% increase when compared with last month and a 106.4% increase compared with last May.
One minor blip in Golden Nugget’s armor is that May marks the fourth consecutive month the casino forfeited some of its market share to its competitors.
While the casino has a huge lead over the rest of the market, consistently losing market share might be a call for more innovation.
- NJ online casino revenue of $85.9 million represents a 4% increase in revenue over April when normalized for the additional day in May. Total casino and poker revenue is up 124% over April 2019.
- Hard Rock is the month’s biggest winner. It posted the largest month-over-month increase (16.87%), the largest year-over-year increase (256.61%), and the largest market share gain (+0.69%).
- For April, every casino posted record revenue for the month of April. For May, every casino but one posted record revenue. Ocean Resort is the only casino to post a month-over-month decrease (-10.62%).
- NJ online poker fails to set a third-straight monthly record. Even so, $4.5 million in revenue represents an impressive 151% year-over-year increase.
NJ online Casinos by the numbers
Revenue / ∆ Monthly / ∆ Yearly:
Online casinos: $81.4 million / +8.9% / +123%
April 2020 online casino revenue, by operator
NJ online casino market share
Market share often tells us which casino is doing a better job of attracting new customers and keeping existing ones engaged. It allows us to compare online casino performance on a more level playing field.
How else do you compare Golden Nugget, the market leader earning $29 million in May to Hard Rock which only earned $5.4 million?
Well, it just so happens that Golden Nugget handed over some of its market share to Hard Rock in May.
In fact, Golden Nugget saw the biggest market share drop, from 34.6% in April to 33.8% in May.
Hard Rock, on the other hand, increased its market share by 0.69%, the largest increase of the bunch.
Other casinos gaining market share in May are:
It is worth noting, that Resorts keeps gaining overall market share where the other market leaders seeming to be giving some up.
And of course, when one goes up, one or more must go down.
Caesars remained relatively flat for the month, but these casinos lost market share in May:
- Borgata (19.4%, down from 19.8%)
- Ocean (1.2%, down from 1.4%)
NJ sports betting revenue
Online sports betting in NJ has been challenged by limited betting options. Not too long ago, table tennis was the highlighted offering at many NJ sportsbooks.
These days, though, some more popular sports are back on the board, including:
And the NJ sports betting crowd is happy to see some familiar sports, everyone is still waiting for the major sports leagues to get back to work.
That makes NJ sports betting figures even more impressive:
- Total NJ sports betting handle: $117.8 million
- Total sports betting revenue: $9.9 million
When will Atlantic City casinos reopen?
When will Atlantic City casinos reopen is literally the multi-million dollar question.
In a press conference, Atlantic City Mayor Marty Small Sr. answered that very question.
“That’s the governor’s call. I know that the goal is by Fourth of July weekend.”
AC casinos must open by July 4 if they are going to capitalize on what is typically their busiest time of year.
The road to recovery will be a difficult one following such a long closure. But it will be harder if they reopen going into the slow season.
With the state opening up and lockdown restrictions lifting, residents might choose to spend their time in other ways.
Of course, even though stay-at-home orders are essentially gone, the coronavirus is not. And that might keep people home more than they normally would be during summer months.
In terms of predicting another record, let’s just say, we wouldn’t bet against it.