Golden Nugget highlights its iGaming sector
Golden Nugget online brands generated more than US$7 million in New Jersey.
US.- New Jersey’s combined online casinos are set for a record month on gross revenue, suggesting a US$1 billion lifetime gross revenue figure could be within reach by the end of 2018. In January The Golden Nugget, Betfair New Jersey and SugarHouse Online Casino brands posted the single largest monthly haul by a New Jersey online casino since online gambling was legalized and regulated, generating US$7.3 million. In doing so The Golden Nugget helped the state post a record US$21.96 million in gross revenue and – according to the analysts at PlayNJ – has offered a blueprint for the industry.
“To put the Golden Nugget’s success into perspective, no other New Jersey online casino licensee has even eclipsed the $5 million threshold,” said PlayNJ lead analyst Steve Ruddock. “The Golden Nugget’s pace-setting is the result of solid management, a strong platform, and its willingness to innovate, such as the launch of live dealer games. It has created a recipe that has made the Golden Nugget the clear market leader.”
The Golden Nugget’s revenue grew a staggering 19.9 per cent up from US$6.1 million in December. As dramatic as the growth was, The Golden Nugget was hardly the lone success story in January, according to the New Jersey’s Monthly Internet Gross Revenue Report, released on Wednesday. In total, New Jersey’s online gambling industry picked up in January where it left off in 2017, posting the 11th consecutive month of more than US$20 million in gross revenue.
“With January’s numbers as a foundation and more growth forecasted, New Jersey should eclipse the US$1 billion mark in lifetime revenue by the end of the year,” Ruddock said. “That would be an incredible benchmark for the industry.”
“More than US$175 million of that US$1 billion would go to the state in the form of tax revenue,” Ruddock added. “That is proof that the legal online gambling industry has become an economic powerhouse for the state.”
