Online gaming sector growing strong in New Jersey
The state of New Jersey has released its August 2017 Gaming Revenue Results. There was strong growth for the online sector as the land-based casino industry stagnated.
The decision the legalise internet gambling is again paying dividends for the state. The online gaming industry continued to grow in August with Gaming Win increasing by 32.4%, compared to the same period last year, reaching a total of $21.3m for the month. Some sources are now suggesting that the online gaming sector could be worth $250m by the end of 2017
The August results represented a 2.7% decrease in Casino Win as $223.6M was recorded as opposed to $229.8m last year. As the Trump Taj was still operational until October 10th 2016 a more relevant stat is the Win Total of the still operational casinos which did increase. August saw the total increase by 3.5%, excluding the Taj, and that figure increase to 5.5% when including internet Gaming Win.
The Taj is set to be renovated and reopened by new owners, Hard Rock International on May 28th (Memorial Day weekend) which is sure to spurn greater growth for the land-based casinos in future reports.
Again New Jersey is showing the rest of the US who haven’t already legalised online gambling that the economic returns for the states income are huge. In August 2017 alone the state received a total of $19.3m in gaming taxes. The state takes 8% of taxable casino revenue and 15% for the online counterparts.
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