The economic drought in the online gambling industry of New Jersey State might be at an end after a second month of revenue increase. After a full second quarter of declines, the State finally saw a positive 5% increase last month, and statistics show the increase continues this month also.
Even though the highest revenue this year was in March with close to $12 million, this record might be surpassed by the end of the year as the six licensed gambling businesses partnerships in the state show improved earnings.
It is estimated that the rise in revenue is mostly due to the online casino standings (a 5% increase). Last month also set the highest online gambling account registrations, a 6.5% percent increase leading to overall account inventory of 432,000.
The partnership between the Borgata Hotel Casino and Spa and the online gambling platform bwin.party became the highest in revenue with a rise of $300,000 for the last two months. bwin.party digital entertainment plc. is a gambling company which operates online created from a merger between PartyGaming plc and Bwin Interactive Entertainment AG in 2011.
Caesars’ revenue remained the same, while the partnership between Gamesys and Tropicana managed to become the top ranked casino cooperation for this year. Trump Plaza and Betfair as well as Trump Taj Mahal and Ultimate Gaming reported positive earnings, leaving Golden Nugget as the only gambling company with a revenue decrease of 17%.
August was the last month when Trump Plaza casino released a full revenue report as it will finalize its closure on September 16th. Its online gambling partner – Betfair is now on a search for a new offline casino host. The New Jersey Division of Gaming Enforcement has ensured the financial security of the online platform until it finds another partnership.
The other partner of Trump casinos might also be facing similar situation as Taj Mahal is also facing a possible closure. The Taj Mahal’s employees were informed of the situation – if the casino does not increase its profits by the mid of November, it will follow Trump Plaza and announce bankruptcy.
Another positive news for the gambling operators in New Jersey was made public earlier this week by news writer Chris Krafcik. He explained that the online money transfer codes for gambling transactions are about to be changed for the major debit and credit card carriers such as MasterCard, Discover and Visa. This will make online payments for players easier.
The old and universal code for gambling proceedings – 7995 will be divided into the three major payment areas – online lotteries, online gambling and ADW – “advanced deposit wagering”.
Researchers pointed out that one of the main reasons for the slow growth of the online gambling industry in New Jersey, is the unwillingness of the major bank card companies to team up with the local gambling operators in order to provide clients with easier access to online money payment methods.
