Coronavirus may have slowed them down a bit, but New Jersey online gambling revenue has rebounded nicely for October! Internet betting sites in the state were able to bring in well over $90 million which set a new record. Bets on sporting events was also up nearly 30%.
Poker was not as lucky. Revenue has been seeing a downward trend for months, but drop did slow. But online casinos did well, with the Golden Nugget increasing revenue 8.2%. Their closest competitors are Resorts and Borgata which continued the chase. Tropicana had the best month of any license holder, up 20.8%. As a result, it has overtaken Hard Rock, which had one of the worst performances, dropping 12.1%.
The picture in the state in increasingly becoming one in which licensees have split into two tiers. Golden Nugget, Resorts and Borgata all made over $20 million in October, while Tropicana, Hard Rock and Caesars all made less than $10 million. Ocean, with less than $1 million, isn’t even in the picture, but Bally’s should arrive soon to shake things up now that it has completed its deal with Twin River.