In 2023, internet casinos have successfully surpassed the $1 billion milestone, breaking the previous record set in 2022. Additionally, their monthly revenue has consistently been increasing by over 10%.
In July 2023, the most recent revenue data demonstrates remarkable progress, with online casinos in NJ amassing a staggering $155 million. Although this number falls short of establishing a fresh record, it represents a substantial growth of 13.5% when compared to the corresponding month in 2022.
According to the most recent revenue data released by the New Jersey Division of Gaming Enforcement, online sites have generated an impressive $1.085 billion in the first seven months of 2023. This amount reflects a remarkable 14.2% increase compared to the corresponding period in 2022.
Comparing Monthly Revenue in 2023 to 2022
NJ internet casinos continue to thrive, consistently generating higher monthly revenue and exhibiting no signs of decline. While many initially attributed the growth in 2021 and 2022 to the pandemic, which resulted in the temporary closure of land-based casinos in the state, the figures from 2023 contradict this assumption. Internet casinos have set new records, and it is highly probable that they will surpass these achievements during the upcoming winter months.
| Month | 2022 Revenue | 2023 Revenue | Difference |
|---|---|---|---|
| July | $136,701,316 | $155,165,055 | $18,463,739 |
| June | $133,138,803 | $149,292,604 | $16,154,296 |
| May | $136,016,462 | $161,411,924 | $25,395,462 |
| April | $136,883,398 | $158,936,991 | $22,053,593 |
| March | $140,655,053 | $165,711,825 | $25,056,772 |
| February | $129,976,091 | $142,592,966 | $12,616,875 |
| January | $137,849,716 | $152,866,817 | $15,017,101 |
The revenue figures depicted in the table illustrate the remarkable growth trend between the initial seven months of 2022 and 2023. It is evident that internet casinos generated an additional $12 million per month in 2023. Notably, in March, April, and May, the casinos achieved a considerable increase of over $20 million per month, commencing with a record-breaking high in March 2023.
In December of 2022, the record for the highest total was achieved as revenue from internet casinos reached an impressive sum of over $151 million. Nevertheless, this accomplishment was overshadowed in January 2023, when casinos shattered the previous record by generating nearly $153 million in revenue.
Continuing with the Same Growth Pattern for the Remaining Duration of 2023
Online casinos in the state experienced remarkable progress in 2022, with a steady upward climb towards a record-breaking December. The data presented in the table indicates that the lowest growth percentage was observed in February 2023, with a modest increase of 9.7% compared to the previous year. Conversely, the highest growth was seen in May 2023, with a staggering rise of almost 19% compared to May 2022.
If an average growth percentage of 15% is applied, the table below outlines the potential earnings for the last five months of 2023.
| Month | 2022 Revenue | 2023 Revenue (Prediction) |
|---|---|---|
| December | $151,455,493 | $174,173,817 |
| November | $146,159,346 | $168,083,248 |
| October | $147,176,744 | $169,253,256 |
| September | $135,245,169 | $155,531,944 |
| August | $131,438,183 | $151,153,910 |
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