New Jersey has announced revenues made from total gaming for May 2021. According to reports filed by the Division of Gaming Enforcement, a total of $814.3 million was reported as profits. This showed an 8.9% rise from revenues generated in April. Sources have attributed a majority of this to the National Basketball Association (NBA) playoffs, as it raked in 27% of the entire profits for May alone.
According to the report, New Jersey online casinos made good profits as marked by a 25.9% rise in its third month, showing back-to-back increases since the calendar year started. With revenues tipping towards $108.2 million, and a tax bill of $18.9 million, business has been good for New Jersey online sportsbooks.
In a statement by the State Attorney’s office, compared to May 2020, there was a 290.4% increase. Information obtained between May 2020 and May 2021 shows internet gaming submitted a 25.9% increase. Sports wagering gross revenue was about $52.9 million for May 2021.
According to reports, Covid-19 also had a hand in the increase when revenues were compared between May 2020 and May 2021. Even though business has begun to pick up, there is still a long wait before normalcy returns back to USA online casinos.
Since the beginning of the year, New Jersey online casinos in particular showed an aggressive $895.9 million made. Internet Gaming Win saw a rise of 56.1% with $527.2 million reported. Sports wagering Gross Revenue also generated $297.1 million for the past 5 years. In total, the gaming industry made a total of $1.72 billion as compared to the period of the previous year.
For New Jersey online casinos, Borgata retained its position as the highest-earning casino, earning $32.8 million for the month. Golden Nugget Online Gaming followed suit, making $31.1 million last month. Resorts Digital and Caesars Interactive were next in line, making $21.6 million and $9.2 million respectively in iGaming revenue.
In terms of sports wagering revenue, Resorts Digital recorded a $9.5 million profit, Borgata following in second position with $3.8 million in sports betting revenue. The next was Ocean Casino, where sports wagering revenue made them $1.3 million and Hard Rock made $0.5 million.
It seems New Jersey Online casinos may be in contention with other USA online casinos from major states. Even though New Jersey has been at the forefront of sports betting since 2018, New York seems to be edging closer with their recent plan to host the Super Bowl. With 20% of New Jersey’s revenues coming from players from New York, according to Gov. Andrew Cuomo, the revenue of New Jersey may drop when New York implements its plan to commence online gambling.
