PlayNJ analyst, Eric Ramsey, said:
“Even as Atlantic City lifts pandemic-related limits and retail revenue slowly returns, online casinos continue to hold onto the gains made over the last year. Online revenue has clearly been resilient, but hopefully the retail market can sustain this return to pre-pandemic levels.”
May 2021, despite its slow start, proceeded to not only be the third consecutive month where online casino revenues hit $100 million but managed to top April’s $107.7 million by 5% ending on an impressive $108.2 million.
Big Money No Whammies
In their official financial report, the New Jersey Division of Gaming Enforcement (DGE) showcased the strong position that online casino revenues have attained, especially when compared to the same period in 2020.
Online casino: $22 million growth Year-on-Year
- May 2021 - $108,170,558
- May 2020 - $85,939,942
One of the most important things to note is that the online casino revenues for May 2020 were achieved during a time when NJ land-based casinos were closed.
With land-based gambling venues operating in May 2021, and generating revenues of more than $213 million, it would have been understandable if online revenues dropped, instead they grew by 25.9%!
Leading the Online Charge
Looking at which licensed casino operators have found their feet in what to them is a fairly new online gambling environment we compared their May 2021 results to what they had done in May 2020.
The top three revenue generators (May 2020 vs May 2021) are:
- Borgata with a 96.7% increase from $16.7 million to $32.8 million
- Golden Nugget with a 7% increase from $29 million to $31.1 million
- Resorts Digital with a 22% increase from $17.6 million to $21.5 million
With online gambling in New Jersey showing a 56.1% increase in 2021, raking in $527.2 million in the first five months, it is worth understanding what part these top three brands play in securing that figure.
Looking at the best Year-to-Date achievement Borgata is once again the states rising star with annual revenue growth of 146%. The group generated $63.2 million in 2020 and in 2021 increased that to a respectable $156 million.
Both Golden Nugget and Resorts Digital also top the Year-to-Date chart with annual revenue figures of $154 million and $105 million, respectively. This means that between Borgata, Golden Nugget and Resorts Digital they currently represent more than 78% of New Jersey’s total 2021 online gambling revenues.
While this great for these brands it would be better for the state if the remaining license holders managed to increase their market share in 2021/2022 to level the playing field.