Online gaming in the state of New Jersey reached a new all-time high for revenue in July as online poker, casino and sportsbook operators pulled in more than $114 collectively last month, according to figures released by the New Jersey Division of Gaming Enforcement.
The revenue for each of the three verticals breaks down as follows:
- Casino – $82.7 million, 72% of NJ iGaming
- Sports (internet only) – $26.9 million, 24% of NJ iGaming
- Poker – $4.8 million, 4% of NJ iGaming
In total, gambling over the internet produced $16.6 million in tax revenue for the state of New Jersey last month alone – excluding Investment Alternative Tax Obligations. For the year, online gaming has generated nearly $93.3 million in tax revenue so far.
WSOP Online Bracelet Events Cause Spike in NJ Online Poker Revenue
With the World Series of Poker moving the bulk of its events this year online, online poker revenue in the state of New Jersey ($4.8 million) posted its second best month on record, with the $5.1 million collected in April 2020 still holding the record in the market.
But the online poker rooms operating under the Caesars license – WSOP.com which hosted the 2020 Online Bracelet Events and an 888-branded poker room – posted a new record for operators under a single licensee with more than $2.8 million in revenue.
The new record for a single licensee represents a 247% increase over last July when WSOP hosted nine online bracelet events – a record at the time. This year, because of the cancellation of the live events due to the global Covid-19 pandemic, organizers elected to increase the number of online bracelet events to 31.
The previous record for revenue generated by a single operator was $2.1 million, set by PokerStars NJ in April 2020. Prior to the Covid outbreak, the partypoker NJ network held the record, bringing in $1.8 million back in January 2014 when the online poker market in New Jersey was just 2 months old.
PokerStars NJ and partypoker NJ Also Shine in July
The other two online poker networks in New Jersey also had relatively good months in July. Though their year-over-year increases did not reach triple digits as they had the prior three months, PokerStars NJ and the partypoker NJ network (comprised of partypoker, Borgata Poker and BetMGM) saw annual increases of 83% and 90% respectively.
PokerStars NJ (operating under the Resorts license) notched its best July since entering the market back in 2016 with $1.1 million in revenue, and partypoker NJ (operating under the Borgata license) posted its best July in 5 years with $846,000 in revenue last month.
Combined, the three networks in the market generated $4.8 million in revenue in July 2020, making it by far the best July in the history of the market. The previous high mark for revenue in July was achieved in 2014 when WSOP and partypoker combined to rake in $2.1 million.
2020 A Record Year for New Jersey Online Poker
Online poker revenue in the state of New Jersey was already on pace to become the best year on record, but with another record month last month New Jersey operators could break the record by the end of August.
2014 currently stands as the year with the most revenue as operators combined to generate $29 million for the year. The total so far for 2020 is $25.3 million leaving operators just under $3.8 million away from breaking the record.
Operators have combined to exceed that figure three times in the last five months with the other two months falling just short of that mark. But even if the record does not fall in August, 2020 will surely be the best year on record for online poker revenue with the total for the year likely to exceed $40 million.