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N.J. Web Gambling Receipts Rise to $10.3 Million in February

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March 12 (Bloomberg) -- New Jersey’s four-month-old Internet gambling industry generated $10.3 million in revenue in February, an 8.9 percent increase from January.

Revenue at the state’s land-based casinos fell 6.2 percent to $199.1 million from a year earlier, according to a statement today from the state’s Division of Gaming Enforcement. Total revenue fell 1.5 percent.

The New Jersey market for online gambling, while growing steadily since its introduction last year, remains well below the $1.2 billion annual revenue rate initially projected by Governor Chris Christie. Growth has been slowed by technical issues related to payment processing and confirming the in-state location of gamblers, Andrew Zarnett, an analyst with Deutsche Bank, said in a March 6 research note.

Borgata Casino Hotel & Spa, a joint venture between Boyd Gaming Corp. and MGM Resorts International, again led among online operators with $4.09 million in revenue, about 40 percent of the market. Caesars Entertainment Corp.’s properties were in second place with $3.34 million in revenue.

In November, New Jersey became the third and most-populous state to introduce online casino-style betting, following Nevada and Delaware. There were 248,241 Internet gambling accounts open in the state as of Feb. 28.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net Stephen West