Initial Online Gaming Numbers from NJ Lower than Expected
The first month of regulated online gambling in New Jersey is complete and the all important numbers are in. Online revenues from the period November 21st to December 21st show that $8.4 Million was generated which is a fair amount lower than the $10 Million plus that many had predicted. There are currently 6 casinos in New Jersey offering an online gaming experience and of those The Borgata, as was expected, outperformed the rest with total revenue of $3.75 Million, or 44% of the overall total. The Borgata President and COO Tom Ballance stated that results are, “about what we expected, and considering that the technology is still shaking out some kinks, we feel really good about it.” Caesar’s Interactive who operate both Bally’s and Caesars in New Jersey came home in second place with $2.38 Million.
Initial predictions had put the first year figure of revenue generation at around $200 Million and that does now seem a little high, however Adam Krejcik of Eilers Research said that, “I wouldn’t be surprised to see January numbers come in around $12 Million or higher.” This news follows an even bigger concern for gambling in the Garden State as 2013 saw overall Atlantic City casino revenue drop below $3 Billion for the first time since regulated gambling began in the state, back in 1991. The unwanted record set in the state was $2.86 Billion for the year, with The Borgata creating 22% of that total.