New Jersey Records Record Online Gaming Revenues For November
The online gambling market in the U.S. and in New Jersey in particular has fallen way below initial forecasts in terms of revenues generated. We all remember the likes of Gov. Chris Christie throwing around revenue forecasts of hundreds of millions and even the billion dollar range was mentioned.
Since then the reality of the U.S. online gambling market has shown that the process of expanding online gambling to other U.S. states is going to be a long and difficult process. While currently legal only in three U.S. states, the reality is that only New Jersey has some sort of real revenues and even those are a drop in the ocean of the optimistic forecasts from only a few years ago.
However the good news is that New Jersey continues to show growth no matter how modest it is. The New Jersey Division of Gaming Enforcement (NJDGE) released record numbers of November which will hopefully continue for 2016. Revenues for the month of November amounted to $13.2 million which is a 51.3 percent increase from the same period last year and is a record for monthly revenues for the Garden State.
As it stands online gaming revenue for the year to date to the end of November is around $134 million which is already a 20.2 % increase from the same period in 2014.The encouraging performance on the online gambling sector helped boost the overall state gambling revenues with total gaming win for November reaching $204.3miilion which represents a 0.9% increase from November 2014. Overall total gaming win for the year ending November was $2.4 billion. While this represents a 7.1 percent decrease from 2014 one has to take into account the many casinos in the state were closed down.