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New Jersey iGaming Revenues Drop Thanks to Caesars Jackpot Payout

New Jersey released their iGaming revenue numbers for November and there’s a bit of good news and bad news. The bad news is that NJ iGaming figures dropped to their lowest point in the industry’s short history. With that said, three casinos posted gains in November and overall figures would have been better if not for a massive jackpot payoff by Caesars.

On Friday, the New Jersey Division of Gaming Enforcement (DGE) released the figures for November iGaming. Operators collected $8.73 million in Internet gaming win in November, down 7.87% from October. This is the lowest monthly total for New Jersey iGaming since its inception last year.

Caesars Jackpot Payout Spoiled the Month

On the surface, Caesars’ win during November looks abysmal. They collected just $1.1 million in November compared to $2.49 in October, a 44.81% drop. However, the drop in revenue was because the company had to pay out a $1.3 million jackpot in November. Otherwise, their revenue would have remained relatively flat.

Betfair also saw a solid drop in revenue for November. They pulled in just $539,547, down almost 37% from October. Betfair officially moved operations to Golden Nugget on November 21. It is unknown whether the drop in November is attributed to the move or just a temporary downward trend.

Golden Nugget Leads November Gainers

Golden Nugget, Tropicana and Borgata all posted gains in November. Thanks to the jackpot payout by Caesars, Tropicana vaulted to the #2 earner in New Jersey in November, while Golden Nugget moved to #3. Borgata still leads the way with $3.36 million earned in November, a small 3.26% gain from October.

Tropicana once again moved over the $2 million mark and finished with $2.22 million in Internet gaming win in November, up 13.62% from October. While their current jump to #2 in New Jersey is only temporary, continued growth could allow the company to legitimately leapfrog Caesars in the near future.

Golden Nugget was November’s biggest gainer, jumping 33% to $1.5 million. Again, it is unknown whether this jump is due to the Betfair move or if players from the now defunct Ultimate Gaming have made Golden Nugget their home. Regardless, Golden Nugget has gained significant market share in recent months and continues to prove that you don’t need online poker to be successful in New Jersey.

Online Poker Continues to Slide

While we can give a pass to table games in November thanks to the Caesars jackpot, it is clear that online poker is hurting in New Jersey. Revenues slid another 4.59% in November to $1.87 million for New Jersey iPoker. The seasonal “bump” never happened, and now the rumblings are beginning to creep up that New Jersey online poker needs to be revamped. With little variety among sites, recreational players just aren’t coming out as operators had hoped.

Despite knowing that the house has the edge in general iGaming, players continue to flock to table games over online poker. General iGaming out-earns online poker by a ratio of 3.65 to 1. It is time for poker operators to look at their sites and see what areas they can revamp to attract casual players; otherwise, online poker could start to become an afterthought in the state.

 

 

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James Guill

James Guill began his poker career in 2006, spending two years traveling the US tournament circuit. Since 2008, he has covered the game extensively for some of the biggest names in the industry. When not writing about the latest poker news, he can be found hunting for antique treasures in Central Virginia.

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