After another near-record performance in April, online gaming continues to generate more revenue than nearly half of the land-based casinos in the state, according to analysts from PlayNJ.com.
The New Jersey Monthly Internet Gross Revenue Report, which was recently released by the state's Division of Gaming Enforcement, showed that in April legal online casinos generated $20.8 million in gross revenue, down slightly from a record $21.7 million in March.
"A so-called down month for New Jersey is still one in which it posts near-record revenue, and shatters notions that the 4-year-old industry should be settling into middle age," said Robert DellaFave, senior analyst for PlayNJ.com.
New Jersey has now reached another important milestone, generating more than $550 million in total revenue since the state legalized online casino games and poker in 2013. That has added more than $83.6 million in total tax revenue to state coffers.
In terms of total revenue, online casinos have essentially blossomed into the fifth largest casino in the state, behind only land-based Borgata, Harrah's Atlantic City, Tropicana Casino & Resort Atlantic City and Caesars Atlantic City Hotel & Casino.
"New Jersey online gambling is on pace to generate a quarter of a billion dollars in 2017, all without taking so much as a nibble out of land-based casino revenue," DellaFave said. "New Jersey online gambling has effectively become Atlantic City's eighth casino, with the primary difference being online sites incentivize players to sample all of the state's land-based gaming options."
Regulated online casinos in New Jersey have collectively generated more than $80 million in total revenue through the first four months of 2017.