Online casino and poker revenues fell in New Jersey yet again during the month of June, adding more misery to the already hard hit Atlantic City casinos. For the third successive month online gambling revenue is down and it’s a pretty big drop of 9.5% on May’s total with just $9.5 Million generated by the combined online poker and casino sites. While online casino cash was down by 8.5%, online poker saw a large drop of 13% and there has to be a little concern regarding these numbers, as 3 months consecutive declines is never a good thing.
There’s little to no good news to be taken from the figures and it was the Borgata and Bwin partnership that led the way, however their numbers alone were down by 12.5 % with the casino revenue down an alarming 14%. Caesar’s Interactive were down 7% and the Tropicana down 8%. There was a glimmer of light and that came from the Golden Nugget who only offer an online casino product and they saw a slight increase in business with revenues up 5%. Number of player registrations were actually up month on month, however it’s clear that the amount of players signing up and playing is far less than the amount of players leaving each site, and with credit card deposits still a major issue, that trend seems set to continue...signups are one thing, regular depositing and playing players are another.
A day after these numbers were released, Fitch Ratings, the Wall Street analysts predicted even more gloom for the New Jersey online gambling market and cut the earning estimates down yet again from a very conservative $300 million forecast last December, to a new low of $120 Million. It’s hard to see how the Garden State can turn this around without the help of major banks allowing credit card transactions, and even more money being spent on marketing initiatives, however even the most optimistic marketing manager may have a feeling that it would be throwing money against the wall.