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The question of when the NJ online casino industry will have its first $100-million-plus month is now answered.
5) NJ online casino watch: WynnBet and William Hill. The New Jersey online casino market now consists of some 30+ gambling sites hosted by two dozen brands. This includes online poker apps. So when a new operator quietly launches a new app, it’s doesn’t generate as much buzz as players are already loyal to certain bands. The #1 NJ online casino offers progressive online slots, online blackjack, roulette, live dealer casino, video poker, keno and an online Sportsbook. New Jersey, Join now and get up to a $1000 free with our deposit bonus.
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January’s NJ Internet gambling revenue came in at $103.7 million, setting a new all-time high as well.
The number tops the previous record of $99.4 million, set in December.
The New JerseyDivision of Gaming Enforcement released the latest figures last week. Percentage-wise, the total is 88.4% increase from the same period last year ($55 million).
And what a difference a year makes. Back in January 2020, $50 million was the benchmark within reach.
So the new bar is set. But how much over $100 million will the online gambling business grow?
Here’s a look at five things to watch as 2021 continues to unfold.
1) Online gambling revenue supporting AC
Talk to any Atlantic City casino executive, and they will likely say the brick-and-mortar business is the “bread and butter.”
Being that properties cost over $1 billion to build, they should be. However, these are unique times as a result of COVID-19 and the restrictions that have come with it. Casino floor capacity limits were increased from 25% to 35% earlier this month.
But we will need to wait until February numbers come out to see if it makes a difference.
With that being said, the January casino win came in at $160 million, accounting for 54% of the total gaming revenue. Meanwhile, the mobile business made up 35% of the pie.
But with the support of NJ online casino and sports betting revenue, total gross revenue was up 9.4% for January.
The asterisk is AC casinos were still operating at 100% capacity this time last year. How will this equation change once casino floors start operating at over 50% again?
The unknowns make this a hard question to answer.
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2) Golden Nugget breaks $31 million, again
Golden Nugget (now under Golden Nugget Online Gaming) once again led the pack with $31 million, which nearly set a new all-time high for the license holder. The $31.5 million set in July 2020 remains No. 1.
It’s Play NJ’s understanding that Golden Nugget online casino accounts for the bulk of the total, but three other brands contributed in some form, too. They are:
- Betfair NJ online casino
- SugarHouse online casino
- BetAmerica Casino
More importantly, combined, these four operators continue to outperform GN’s Marina District property by a significant margin.
Golden Nugget AC reported a land-based casino win of just under $10 million. They finished just ahead of Bally’s, who had a casino win of $8.6 million. But the property at the center of the Atlantic City Boardwalk was recently taken over by Bally’s Corp. and is going through a transitional phase.
However, Golden Nugget online casino is an established brand, and its loyal customers will not be vanishing anytime soon
3) Borgata + BetMGM up nearly 180%
Borgata, as a license holder, is the big winner in terms of year-over-year percentage growth. The $28.7 million, besides being just under $3 million away from Golden Nugget, is up an eye-opening 176.8 %.
To put this number in perspective, Hard Rock (Unibet, Bet365, and Hard Rock) finished a very distant second with 128.8%. And their monthly revenue was only $5.6 million.
Plus, it’s hard to ignore the fact that Borgata numbers continue to skyrocket with a jump of more than $18 million since his time last year.
The heavy marketing efforts by BetMGM continue to pay dividends with building a Garden State customer base. Combined with the strong Borgata casino brand, there is a strong one-two punch working well here.
As far as the exact breakdown goes between BetMGM, Borgata, and other brands operating under the license, the DGE only reports results by license holder. However, Borgata, now with a 27.6% market share, is giving Golden Nugget (30% market share) some stiff competition.
At this point, it wouldn’t come as a surprise if Borgata takes over the top spot at some point this year.
4) NJ sports betting and the $1 billion boost
NJ sports betting enjoyed another record month with nearly $960 million in bets. More importantly, the 19 sportsbook operators reported a record $82.6 million in revenue.
In terms of handle, January ranks No. 2 all-time behind December’s $996.3 million. The same two months rank No. 1 and 2 and all-time in terms of NJ online casino revenue.
Sure, a good portion of this rapid rise is a direct result of Atlantic City casinos being closed for 100-plus days in 2020. Gamblers needed, and found, another option.
The other is the cross-selling model where casino, sports and poker players have access to a shared wallet. Players have easy access to jump from one platform to another. Do some live betting then go play some blackjack or slots.
Based on the sports calendar, there is a realistic chance of numbers increasing across the board. February started off with Super Bowl betting, which means March Madness betting is right around the corner. These are the two biggest wagered events.
This is the holiday season for sportsbook customers as operators roll out some of their best sign-up offers and promos of the year.
As far as the financial impact goes, wait for the next three months of revenue reports.
5) NJ online casino watch: WynnBet and William Hill
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The New Jersey online casino market now consists of some 30+ gambling sites hosted by two dozen brands. This includes online poker apps.
So when a new operator quietly launches a new app, it’s doesn’t generate as much buzz as players are already loyal to certain bands. However, Wynn (WynnBet) and William Hill (William Hill online casino) are well-known names in the gambling industry around the world. And both companies rolled out products to Garden State customers in 2020.
Being that the DGE doesn’t break down the revenue by operator, it’s hard to really gauge how well these brands are performing.
However, their land-based partners saw significant jumps in January. Tropicana (Virgin, Tropicana, and William Hill) reported $7 million in revenue compared to $4.3 million for the same period in 2020. That’s good enough for a 61.5% year-over-year increase.
Meanwhile, the Caesars Interactive portfolio, which consists of the flagship brand, World Series of Poker, 888, and Harrah’s, now includes WynnBet, too. Internet gambling revenue came in at $7.4 million, for a year-over-year increase of 74.3% ($4.3 million).
Canadian sportsbook operator Score Media and Gaming Inc., announced an initial public offering in the United States.
The company, more commonly known as theScore, will list its shares on the Nasdaq under the symbol, “SCR.”
And with theScore Bet already live in several U.S. market, including New Jersey, the move makes sense.
Colorado, Indiana, and Iowa are the others. And more states are on the horizon.
More on theScore IPO
According to the press release, Score Media said it plans to sell five million Class A shares in the US IPO.
And while the American component is new, the stock market part is not.
The Canadian company is already publicly traded on the Toronto Stock Exchange under the same ticker symbol.
A quarterly earnings call in January was an early indication of a dual listing on US and Canadian markets.
“We believe a U.S. listing would benefit our business and shareholders as we seek to further execute on the growing opportunity in the rapidly developing North American sports betting market,” John Levy, founder and CEO of theScore, said in a statement.
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What’s theScore in NJ?
TheScoreBet app went live in the Garden State in 2019. It marked the company’s American debut, too.
TheScore operates under Monmouth Park Racetrack’sNJ sports betting license.
It’s one of three online skins. The others are William Hill and SugarHouse.
But theScore has big plans to expand its New Jersey footprint.
The company is preparing to enter NJ’s online casino market sometime this year.
Score Media and Bally’s Corp., announced an iGaming deal in 2020. State gaming regulators still need to approve Score Media and Gaming for an online casino license.
Going public with iGaming, sports betting
Similar to other gaming companies that have started to offer public shares, They will join a growing list of online gambling brands. The list currently includes:
- DraftKings
- Rush Street Interactive (SugarHouse)
- Golden Nugget Online Gaming
Score Media is the latest looking to capitalize on the growth of iGaming and sports betting.
Here is more from Levy:
“TheScore is uniquely positioned to grow our footprint and capitalize on the expansion of legalized sports betting and iGaming across the U.S. and Canada.”