New Jersey online casinos haven’t shown a lot of revenue growth so far in 2022.
The NJ Division of Gaming Enforcement (DGE) released the figures for July earlier this week. Online casino gaming brought in $134.4 million in gross gaming revenue (GGR), while online poker rooms contributed another $2.3 million, for an iGaming total of $137.7 million.
That’s a small increase from $130.9 million in June. However, June is also one day shorter than July. To assess growth rates, it’s better to look at daily average gross gaming revenue (DAGGR). Using that metric, revenue actually slowed from June to July, albeit by a mere 0.6%. It has also remained almost unchanged since January.
Summer is always a little slower for online casinos. Nice weather means there’s more competition from non-gambling activities for people’s time and spending money. There’s also less crossover from mobile sportsbooks since there’s less to bet on while the NBA and NFL are on hiatus.
Even so, this is a particularly slow summer. Year-over-year growth stats demonstrate this, providing an apples-to-apples comparison that removes seasonality from the equation.
To start 2022, online casinos and poker were showing 33% annual growth, similar to the average pre-pandemic rate of 35% from 2016 through 2019. That has dropped to just over 15% in July, the slowest rate seen since June 2018.
Online casinos everywhere got a huge boost when retail casinos shut down during the first year of the pandemic. There was no sudden drop in online revenue as restrictions eased. Slower growth now may simply be a more gradual, long-term correction for that boom period. Rapid Movement Among Smaller Licenses
Though the total NJ market may be going through a slow period, there’s been plenty of activity in the race for market share.
That’s especially true for the smaller licenses. The big three – Borgata , Golden Nugget and Resorts – hold a combined 79% of the market. That total is virtually unchanged since last year, though Golden Nugget has been gradually slipping and Resorts gaining.Let’s look at who’s winning and who’s losing among the other 21%. Bally’s is an obvious license to […]
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