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New Jersey Internet Gambling Revenues up 28 Percent
Thursday February 13,2014 : INTERNET GAMBLING REVENUES UP 28 PERCENT IN NEW JERSEY
Online gambling operations in January generated $9.46 million in revenues
It looks as though internet gambling in New Jersey is starting to ramp up significantly, with January revenues coming in at $9.46 million – a 28 percent rise over December, the first full month that state residents and visitors could gamble online.
On the land side, Atlantic City casinos took another knock, with revenues down 9.2 percent to
$186.3 million from a year earlier, the state Division of Gaming Enforcement reported.
Six land casino operators in Atlantic City are offering online betting, and most have accepted that the new genre will take time to ramp up to substantial levels. For now the consensus appears to be that progress is encouraging and the new business has good potential.
The DGE reports that at the end of January there were 197,782 Internet gaming accounts established in New Jersey since play began on November 21 as gamblers continue to sign up.
Borgata Casino Hotel & Spa, continued to lead the online gambling operators presently offering online wagering, with $3.9 million in revenue or about 41 percent of the market. Borgata is owned by MGM Resorts International and Boyd Gaming Corp. who are in partnership with Bwin.Party Digital Entertainment.
Caesars and online partner 888 was in second place with $3 million in online revenue.
Keith Smith, president of Boyd Gaming, which owns half the Borgata, reiterated that online gambling had again brought new customers to the Borgata rather than cannibalising existing business.
"These results also once again demonstrate online gaming's potential to expand our business," he told the Associated Press news agency.
"About 85 percent of our online players have not had rated play at Borgata in at least two years, showing there is little overlap with our land-based business. Online gaming is growing our database, creating a long-term opportunity to market Borgata to an entirely new group of customers."
The Borgata has 41 percent of New Jersey's online market, but Caesars Interactive reduced the gap in January, increasing its online revenue by 49 percent.
Seth Palansky, a spokesman for Caesars Interactive said, "We saw huge growth in online casino revenue, and significant growth in poker revenue, too. We started marketing in earnest in January, and the promotions we offered our customers really seemed to resonate well. We're very encouraged on how the New Jersey market is performing for us across all three of our brands, CaesarsCasino.com, Harrahscasino.com and WSOP.com."
AP reports that the other Internet gambling providers continued to lag behind in January. The Trump Taj Mahal, with its Ultimate Casino brand, took in $858,351, placing it slightly ahead of the Tropicana Casino and Resort, with its Virgin and Tropicana brand sites, which took in $841,065 for the month.
Trump Plaza Hotel and Casino and its Betfair brand won $557,007 online in January, and the Golden Nugget Atlantic City, with its self-branded site, won $286,922 online.
The $9.5 million in online gambling revenues in January produced $1.4 million in state taxes, based on the state’s 15 percent internet gross revenue tax.
When combined with revenues collected since late November -— when New Jersey became the third U.S. state to offer online casino gambling — the state treasury is on a pace to collect roughly $10 million in tax revenues from Internet gambling by the end of the fiscal year in June.
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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