The most recent revenue figures for gambling in New Jersey have been released by the New Jersey Division of Gaming Enforcement.
This article focuses on the key points:
- Revenue generated by land-based casinos in the state of New Jersey.
- Revenue generated by online casinos in New Jersey.
- Revenue generated from online gambling in total.
The revenue data for gambling in New Jersey offers valuable insights into the evolving market dynamics. With the online casino industry having been a part of the market for almost a decade now, its growth has been remarkable, while traditional brick-and-mortar casinos face challenges in their recovery.
Insights into the changing market dynamics of the land-based and online casino industry are crucially revealed by the most recent revenue data.
The land-based casinos in New Jersey experienced growth in June 2023.
The nine land-based casinos in New Jersey are encountering challenges as they strive to recover from the effects of the pandemic. Despite the potential implementation of smoking bans and the increasing prominence of the online gambling sector, casino revenue in the state is gradually on the rise.
The revenue for land-based casinos in June 2023 reached $241.6 million, exhibiting a growth of 5.4% compared to the previous year. However, when considering the year-to-date figures, the revenue for the first six months of 2023 amounted to $1.36 billion, showcasing a modest growth of 3.5% in comparison to the $1.31 billion generated in 2022.
The growth of online casinos shows no signs of slowing down.
Although June may not mark another record-breaking month for online casinos in the state, the substantial increase is undeniable.
In June 2023, online casino partners accumulated $149.3 million, marking a 12.1% growth from the $133.1 million generated in June 2022.
In the first half of 2023, there was a similar growth trend compared to the previous year. The year-to-date figures show that $930.8 million was collected in 2023, while during the same period in 2022, it amounted to $814.5 million, indicating a growth of 14.3%.
NJ Gambling Revenue Shows Impressive Overall Growth
Sports betting has played a vital role in the significant surge of revenue in New Jersey, alongside earnings from land-based and online casinos. In the previous month, the combined revenue from bookies, casinos, and their partners reached a staggering $66.4 million, marking a remarkable 69.1% increase compared to the $39.2 million generated in 2022.
In June 2023, the gambling industry generated a total revenue of $457.2 million, marking a growth of 13.9% compared to June 2022 when it earned $401.5 million.
The industry has witnessed a year-to-date increase of 12.1% with a total generated revenue of $2.73 billion up until June 2023, compared to $243 billion during the corresponding period in the previous year.
