In a sign that the market for real money online casinos in New Jersey may be fast approaching its saturation point, in September, the market’s year-over-year monthly revenue rate slipped into single digits for the first time.
Data from the New Jersey Division of Gaming Enforcement (NJDGE) show the year-over-year monthly online casino revenue rate fell to 7.91% in September. It clearly indicates that the market could be reaching a growth plateau.
Revenue from the vertical hit $133 million, up 2.9% from August ($129.2 million) and up 10.7% year-over-year ($120.1 million).
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For the 17th consecutive month, Borgata’s online casino partners — BetMGM Casino NJ, Borgata, Pala, and partycasino NJ — led the vertical in terms of revenue ($40.4 million) and market share (30.4%). The group saw its revenue decline 1.7% month-over-month ($41.1 million), but it was up 8.6% from September 2021 ($37.2 million).
Operators on the Golden Nugget license — FanDuel Casino NJ, BetRivers Casino NJ (formerly SugarHouse Casino NJ), and others — barely held off a surging Resorts for second place with $34.2 million in revenue.
Golden Nugget was up 8.9% from August ($31.4 million) and up 10% from the year-ago month ($31.1 million).
Resorts hit a record $33.6 million in revenue in September and cliched a record market share (25.2%). Revenue for the casino — which partners with Barstool Casino, DraftKings Casino NJ, Stars Casino, and others — was up 11.5% month-over-month ($30.1 million) and up 21.1% year-over-year ($27.7 million).
The Garden State’s smaller online casinos grossed $24.8 million in September, down 6.8% from August ($26.6 million) but up 3% from the year-ago month ($24.1 million). As a group, their market share slipped to 18.7% in September — down from 20% one year earlier.
Online Sports Betting Revenue is Up Sharply
Revenue from real money sports betting in NJ hit $88.2 million in September, a second-best high for the vertical. The overall record of $106.9 million was set in November 2021.
Sports was up 43.8% from August ($61.4 million) and 22.8% from the previous September ($71.8 million).
Meadowlands Racing & Entertainment continued to dominate the vertical through its online sportsbook partners: FanDuel, PointsBet, and SuperBook. The trio grossed $42.9 million and held 48.7% of the market in September. Revenue was up 40.2% from August ($30.6 million) and up 17.4% year-over-year ($36.6 million).
Resorts hit a near-record $22.4 million in September — it missed the record set in November 2021 by a mere $30,844. The casino licensee was up 75.3% from the preceding month ($12.8 million) and up 70.3% from September 2021 ($13.2 million). Resorts operates its own online sportsbook but also partners with DraftKings Sports and FOX Bet NJ.
Borgata, which also runs its own online book and partners with BetMGM Sportsbook NJ, was a distant third with $8.1 million in September revenue — up 11.3% from the preceding month ($7.3 million) but down a whopping 25% from September 2021 ($10.8 million).
The rest of the Garden State’s online sportsbooks had $14.7 million in revenue in September and held a 16.7% market share. Revenue was up 38.3% month-over-month ($10.6 million) and up 31% year-over-year ($11.2 million).
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WSOP NJ Leads Vertical Again
The New Jersey online poker market was mostly unchanged.
For the 14th month in a row, revenue hovered around the mid-$2 million mark. Overall revenue for the vertical was $2.3 million in September, up 3.5% from August ($2.2 million) but down 8.7% year-over-year ($2.5 million).
WSOP NJ, on the Caesars license, led the field with $929k of revenue, up 9.3% from August ($850k) but down 29.1% from September 2021 ($1 million).
A trio of online poker operators on the Borgata license — BetMGM Poker NJ, Borgata Poker NJ, and partypoker NJ — held second place with $725k revenue. Resorts and its partner, PokerStars NJ, was third with $621k. Both were flat month-over-month, but the Borgata trio was up 15.4% year-over-year ($805k), while PokerStars was down 6.7% ($666k).
Caesars has led the vertical for six of the nine months of 2022, while Borgata led from February through April. Meanwhile, PokerStars jumped ahead of Borgata for second place in July but ceded the spot back the next month.
