After yet another $20 million plus month, the total tax revenue generated from legalized online gambling since it was first regulated in 2013 has surpassed $100 million.
“Even naysayers cannot deny the impact of New Jersey online gambling, which has now contributed more than $100 million to state coffers,” said Robert DellaFave, senior analyst for PlayNJ.com. “New Jersey’s online gambling industry may be the state’s only new revenue stream to both generate more than $100 million in tax dollars and to do it without placing a heavy burden on citizens.”
The 31 days in May generated a total of $21.1 million in gross revenue, marking the third consecutive month in which legalised online casino games and poker has generated in excess of $20 million in revenue. This comes after the $20.8 million generated in April, and the record-high $21.7 million generated in March.
What makes it even more impressive is the fact that May continue’s the $20 million plus trend despite Memorial Day Holiday, which history has shown to usually suppress online gambling activities. Even though it’s only occurred three times so far, it’s already gotten to the point that it would be considered disappointing if the industry goes back to sub $20 million gains.
“Record or near-record breaking monthly revenue tallies are more of an inevitability than an anomaly at this stage in the New Jersey online gambling industry’s lifecycle,” said DellaFAve.
The $101.25 million in total tax revenue is very much welcomed, especially in the case of Atlantic City, which is engulfed in debt, and the tax revenue contributions from online gambling can be seen as a lifeline that increases the chance to restore the luster of this jewel o the Jersey Shore.
Other highlights from the May 2017 report
- ➤New Jersey online casinos have generated more than $100 million in gross revenue since the start of 2017, and in excess of $575.5 million in total revenue since online gambling was legalized in New Jersey in 2013.
- ➤Borgata, the early leader in the New Jersey online casino industry, has fallen to last place in the month of May, after only generating $2.9 million from online casino revenue, topping out at a combined total of $3.5 million from all its licenses.
- ➤On the opposite end of the scale is Golden Nugget, whose pace cannot be stopped by anyone, with a $5.9 million I revenue in May, it is a whole $2 million ahead of its nearest competitor, Tropicana, and is up 85 percent compared to May of last year.
- ➤Tropicana generated $4 million, making it the second biggest revenue-producer for casino only. They improved upon last year by 27 percent.
- ➤Resorts AC also generated around $4 million, saw an increase that rivalled Golden Nugget, with an increase of 65 percent YoY.
- ➤Ceasars Interative came in second to last with $3.6 million, of which revenue from online casino games alone ticked up 20 percent YoY, while poker was down 12 percent from this time last year.
- ➤Online casinos games accounted for 84 percent of total revenue, while poker makes up the remainder 16 percent
- ➤Casinos won $144 million at slow machines, down 3.6 percent, and $64.3 million at table games, up 19.2 percent.
For the first five months of 2017, Atlantic City’s casinos have won a total of $1.07 billion, up 3.9 percent compared to the same five months last year.