Based on the latest figures released by the New Jersey’s Division of Gaming Enforcement, it seems that the state is only a month away from achieving a year of revenue increase. According to the numbers, the casinos based in the state have earned revenue of $265.4 million in April. This is an overwhelming increase of 23.8% compared to last year, and the state is already in its 11th month of revenue increase in casinos in a row. However, compared to the previous month’s revenue of $294 million, the revenue in April was slightly lower.
April’s earnings have pushed the industry to more than a billion worth of revenue on their first quarter of operations this year. The casinos in New Jersey have won a whopping $1.03 billion last 2019 from its bettors, which is a 27.3% increase compared to the previous period. The main reason for the increase in figures is online gaming.
Online sites like Gclub-Casino.com have been gaining huge profits in recent months. As a matter of fact, both the mobile and online gaming companies in New Jersey earned $36.6 million in the month of April alone. More than a third of this revenue belongs to the Golden Nugget, a resorts casino based in Atlantic City. The casino has earned revenue of $13.8 million from its online gaming operations.
A big portion of the revenue in the month of April came from slot machines as well as table games. Casinos earned $207.6 million from the gamblers for these games. This figure represents an 8.4% increase every year. But the Borgata Hotel Casino and Spa in Atlantic City is the only property to have reported an increase. The rest of the revenue belongs to the Hard Rock Atlantic City and Oceans Resort Casino. Both of these casinos were not operating in the previous year.
The state has also earned revenue of $21.2 million from sports betting. Of all the sports books in the state, it is the FanDuel Sports Book that’s based in Meadowlands that has earned the most. All throughout the state, there’s an overall handle of $313.7 million, and 81% of this belongs to online gaming and mobile game apps.
Again, the Borgata Hotel Casino and Spa is the most profitable of all casinos in the state, having gained revenue of $53.4 million. At the bottom of the list is Resorts Casino earning only $12.8 million in revenue. However, the Resorts own one the state’s most profitable sports books and have won a whopping $4.77 million of revenue coming from its sports bettors.
The Resorts Casino has partnered with Amaya Gaming, which is the PokerStars’ parent company. Their online sportsbook, the BetStars NJ, is the main reason behind the success of their sports betting operation at the Resorts Casino. New Jersey imposes 8% tax on gross revenue as well as a 15% tax on the Internet gross gaming revenue. Thus, this has earned the state a whopping 23 million in taxes!