online casino revenue rises in New Jersey

Internet gaming revenue for Atlantic City casinos rose by 22.6 percent year-over-year in March, according to figures revealed on Friday by state gaming regulators.

The online casinos took in $20.8 million, rising from $17 million in April 2016. Throughout the first four months of 2017, internet gaming revenue of $80.1 million was about 29.5 percent better than during the same period in 2016.

Overall city-wide gaming win (live and online) in March was $211.7 million, ebbed by 1.6 percent compared to $215 million in April 2016.

April performance broke the winning streak for most casinos. Through the first third of the calendar year, the industry’s total gaming win was approximately $843.6 million, reflecting a surge of 3.8 percent.

The casinos will have to dish out $17.1 million in taxes from last month’s revenue. Gaming taxes are roughly eight percent of taxable casino gross revenue and about 15 percent of internet gaming gross revenue.

In the neighbouring state of Pennsylvania, which is still considering legalizing and regulating online games, some lawmakers have considered the idea of an internet gaming tax worth around 50 percent. Critics retorted by saying Pennsylvania won’t have an online gaming industry if the tax rate is that astronomical.

However, traditional peer-to-peer poker didn’t do too well in New Jersey last month. Web poker revenue dropped by 24 percent to $1.97 million. That implies that the other online casino games carried the burden, growing 31 percent year-over-year.

Online poker revenue fell by five percent in 2017, going from $9.2 million in January to $8.7 million in April during the same period this year. PokerStars officially launched in New Jersey in March 2016, which garnered some excited for Garden State online poker. However, with a dearth of liquidity online poker hasn’t been able to regain the same traction as other card games. What is required is more states legalizing and regulating online poker and the combination of player pools.