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Online Casinos in New Jersey Raked in $9.5 Million in June

22 July 2014

The online casino industry revenue of New Jersey has decreased during June. Operators who open online casinos in New Jersey generated $9.5 million in gross gaming revenue, of which $2 million came from online poker sites, and the rest of $7.5 million from other authorized gambling games. Internet gaming sites in New Jersey have already generated $63 million since January.

Even so, Fitch Ratings, a Wall Street credit rating firm has cut its forecasts for the 2014 New Jersey gambling industry from $200 million to $300 million in December, to $120 million to $130 million. Thus, companies that opened online casinos in the state are not generating the results that were expected at the beginning of the year.

Experts believe that the low revenue figures are a result of the World Series of Poker in Nevada, which could have affected online gaming sites that offer online poker. Even so, by the end of June, 378,564 online casino player accounts have been registered, with an increase of 7.8 percent from 351,136 player accounts at the end of May 2014.

Even if operators who open online casinos in New Jersey could be part of an industry that might grow in the future, land-based casino businesses could decline significantly in the years to come. Several Atlantic City casinos have already been closed or have plans to do so. More than that, a casino that would be constructed in the Meadowlands near New York City in the near future could jeopardize New Jersey casinos even more.

Taking into consideration that the land-based casino industry in New Jersey is following a downward trend, operators who open online casinos in the Garden State should consider improving their marketing methods and gaming solutions in order to reach players.

22 July 2014

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