The end of summer is an important time for the online gambling industry. This is because many people take their vacations during this time and have more free time to gamble. Usually, from late spring to early summer, revenue grows more slowly or may even decrease in the online gambling industry. This is due to people being more outdoors during the warmer months. In the summer, people rather do different activities than gamble on their phones.
The seasonal recovery started early this year, with September being a consistently big month when players start to gamble on the best NJ online casinos that you can read here.
August can go either way, but this year it was different. In 2022, the states of Michigan, Pennsylvania, Connecticut and West Virginia all saw increased online casino revenue in August. But why not New Jersey?
New Jersey’s online casino revenue falls to $131 million in August
In August 2022, the outlook for the best online casino sites in NJ was bleak. Although they cleared $131 million, it was still $5.3 million less than what was generated the month before.
The NJ online gaming market underperformed in August. Earnings are the lowest since February 2022, when sales were just below $130 million.
After a positive shift in the preceding month, August slowed down, as seen in the Division of Gaming Enforcement’s report. Although this may be discouraging news, it’s worth noting that Atlantic City casinos typically do best during summertime.
NJ online casino 2022 vs 2021 revenue
Although profits have decreased in recent months, they are still stable. Comparing this year’s online casino revenue to last year, we see more than a 16% increase.
This figure is even larger when you look at the year-to-date analysis. Compared to 2021, in what it goes of the year, online earnings show a 25% growth. So far this year, the online gambling industry has made $1.08 billion compared to last year’s total of $ 866.1 million.
New Jersey casino revenue summer trends
Here are some recent trends for casino revenue in New Jersey during the summer months:
After months of decline, online casinos in NJ saw a resurgence in July, generating more revenue than in previous months. For the first time in four months, profits rose in July.
Unfortunately, the Garden State’s operators didn’t get to enjoy this newfound money for very long. In fact, not only did revenue dip below where it had been previously, but it also fell short of finishing in the black for each of the last five months.
Although this might worry some people, it’s the same trend as last year. After seeing an uptick in July, the numbers dropped again in August.
In July 2021, NJ casinos brought in $119 million but then saw a decrease the following month to only $113 million. September’s wagering turned out to be quite fruitful, with October continuing that trend by totalling more than $127 million in revenue.
Since many NJ residents still visit the state’s retail casinos, some revenue may be lost there.
Despite these concerns, earnings have increased significantly from this time last year. This 16% difference from Aug. 2021 amounts to approximately $18 million. The year-over-year difference is around $216 million.
As of August, only three casino license holders and their online partners reported annual earnings above $100 million. The three casinos are Borgata, Golden Nugget, and Resorts Digital.
Resorts Digital is in third place, but it has seen the most growth from last year and currently holds about 40% more profit. Its revenue thus far in 2022 is around $242 million, almost $70 million more than last year’s.
2022 NJ online casino revenue is expected to reach $1 Billion
Although online casino profits have decreased in the past few months, they are still strong overall. Garden State’s monthly online casino income increased by over 16% compared to last year.
The total amount for this year has risen to $1.08 billion from last year’s $866.1 million dollars.
Despite a dip in August, the NJ online casino industry is thriving and on track to pass $1 billion by the end of 2022. Despite some concerns about losing revenue to retail casinos, operators have seen steady growth year-over-year. The top three license holders, Borgata, Golden Nugget, and Resorts Digital, have generated over $100 million in earnings so far this year. It will be interesting to see how these numbers continue to grow as we move into fall and winter.