States continue to break records in iGaming revenue
States across the country continue to report record revenues from having legalized online casinos.
All across the US, states are moving to legalize online casinos. And after seeing the numbers come in from states like New Jersey, Pennsylvania, and Michigan, you can easily see why.
New Jersey ended 2020 by nearly breaking $1 billion in revenue in the iGaming industry. And, the state is continuing its upward trajectory as the numbers come in for the first month of 2021.
New Jersey has set a new record for becoming the first state in the US to surpass $100 million in online casino revenue in one month. The full total as reported by the New Jersey Division of Gaming Enforcement came in at $103.8 million for January 2021, an 88.4% increase in year-to-year revenue from January 2020.
Golden Nugget and Borgata were the top revenue earners for online casinos in the state.
Land-based casinos continued to see a downward trend with a 16.6% decrease in year-to-year revenue. Land-based casinos in NJ continue to work at limited capacity with social distancing restrictions in place. Early predictions in markets suggest that online casinos will continue to rise in popularity even after these restrictions are lifted.
The state of Michigan is looking to replicate New Jersey’s success after having legalized online casinos last year. The first casinos went live in January 2021, the numbers are in, and Michigan lawmakers are pleased with the results.
With only having been open for nine days in January, the Michigan Gaming Control Board reported that online gaming managed to bring in $29.4 million in revenue.
Top revenue earners for online casinos were (respectively) BetMGM with $11.1 million, DraftKings with $6.9 million, and FanDuel at $6.6 million.
This will bring in $4.3 million in additional tax revenue for the state of Michigan, revenue the state greatly needs during these uncertain times. The revenue will be spent on providing funding for K-12 students, the city of Detroit, and Michigan tribal communities.