The New Jersey gambling officials have just announced the revenues generated from online gambling activities during November and the numbers reported are a mixture of good and bad news.
According to the information released, the overall situation with the revenues has never been worse. However, three casinos reported a slight increase and as a matter of fact, the numbers would be better if it was not for the impressive jackpot won at Caesars.
Last Friday, the New Jersey Division of Gaming Enforcement provided the local communities with information, concerning the revenue, generated via online gambling activities during the previous month.
The amount collected in November totaled a bit over $8.7 million. In other words, there is a drop of 7.9%, compared to October’s results, which makes November the worst month since the online gambling activities have been legalized in the state of New Jersey.
It seems like the jackpot won at Caesars was the main reason for the bad results reported. Last month, the revenue generated was only $1.1 million or $1.4 million less than October’s amount. What made Caesars report such a significant loss, equal to 45% was the payoff of the jackpot that amounted to $1.3 million. If the jackpot had not been won, the revenue would have remained relatively the same as October’s.
As for Betfair, the platform reported revenue amounting to $540,000, which is 37% less than what was generated in October. Less than a month ago, Betfair moved its operations to the Golden Nugget but market analysts could not manage to tell if the losses were due to the move or it is just a temporary trend.
Despite the pessimistic overall numbers, three casinos reported gains for the last month.
Borgata is still a leader in the gains. The casino reported $3.36 million in earnings for November or an increase of 3.3% as compared to October’s results.
Tropicana was defined as the second casino with the highest revenue generated; Golden Nugget was respectively ranked third. As mentioned above, the jackpot paid off by Caesars played a key role in the revenues.
The earnings reported by Tropicana amounted to $2.2 million, which is almost 14% more than the online earnings reported in October. Although the casino was ranked at the temporary second position by earnings, it would not be surprising if Tropicana becomes the most profitable casino in the foreseeable future.
The fact that the Golden Nugget has consolidated its positions on the market over the previous months cannot be denied.
Compared to October’s results, Golden Nugget reported a jump of 33%. Its earnings for November totalled to $1.5 million. However, at this stage, it is difficult to figure out if the positive results were because of the Betfair move or players who used the Ultimate Gaming are now fans of Golden Nugget.
The situation with the online poker is not too optimistic. The revenues continue to fall and the worst of all is that the expected increase in the demand has never happened. In addition, it looks like players prefer table games over poker, which should make poker operators reconsider their positions and find an alternative method for attracting players.
