Although the rapid growth of New Jersey-based online casinos and poker cooled a bit last month—combining to generate $84.9 million in revenue, down 1.2 percent from the record $85.9 million in May—year-over-year results continue to impress, with May 2020 revenue up 123.1 percent from $38.1 million in May 2019, according to PlayNJ.
Together, online casinos and poker generated $2.8 million a day in the 30 days of June—on par with May—and yielded $12.8 million in state taxes. Online casino games alone have grown revenue from $50.2 million in February to $81.4 million in June. Online poker has jumped from $1.8 million in February to $3.5 million in June.
Even with retail casinos reopening, many remain bullish on the future of online gambling. Golden Nugget Online Gaming, which dominated the market again in June with $29.15 million in revenue, announced plans to go public. Earlier this month, MGM Resorts/GVC Holdings released its plan to invest $250 million more in its online platform.
“The Golden Nugget Online Gaming going public, in addition to the recent success of DraftKings stock, shows just how much interest investors have in the future of online gambling,” said Dustin Gouker, lead analyst for PlayNJ.com. “Online gambling has proven its importance to the industry through this crisis. Even if the growth slows with the return of retail casinos, it will continue to be an enormously important vertical for the industry.”