New Jersey Casino Revenue Continues Growth
June 28, 2023
New Jersey's betting establishments reportedly made nearly $471 million last month, according to state gambling regulator figures.
The state's casinos, their online partners and horse tracks offering sports betting recorded a 9.4% revenue increase in May compared to the same period in 2022.
In this article, we will take a deeper look into the numbers as New Jersey continues to report strong casino revenues.
Online wagers continue to climb in New Jersey
Thanks to technology and new innovations, making bets online has never been more convenient, in just a few clicks of a smartphone, more and more players are gaming from the comfort of their own homes or even on the move.
This is certainly the case when it comes to operators in New Jersey, with internet gambling revenue totalling $161.4m in May, which is an increase of 18.7% compared to the year before. Online slots continue to be hugely popular and recorded a revenue increase of 19% with takings of $159.1m.
There was also a rise for poker, which moved up 1.7%, with revenue recorded at $2.4m.
Bettors' behavior changing as casino landscape alters
While gambling at land-based casinos remains the main source of income in the state at $227.3m, this was down 2.4% from May last year. Slots and table games also fell slightly which indicates more people are enjoying online wagers.
Despite this, casinos Borgata, Hard Rock and Ocean all recorded higher in-person revenue last month compared to May 2019.
Director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, pointed at the difference and said: "Traditional gaming products like slots and table games are not growing as quickly as newer products, for example, online slots and mobile sports betting."
"This hints at a lasting change in consumer behavior as casino patrons have made these newer products part of their regular casino experience."
Resorts Digital, which is the online arm of Resorts Casino, recorded $60.6m in revenue which amounted to a nearly 48% increase compared to last May.
New Jersey casinos near record-breaking levels
The U.S. set its own gambling record in 2022 and in May, New Jersey came close to breaking its own, with a revenue increase of close to 10% in May compared to twelve months previous.
The latest numbers show 2023 continues to be a strong year for New Jersey’s gambling operators. During the first five months, the state’s online casinos have made $781.5m, which year-on-year, is an almost 15% increase.
Bettors are being treated to new immersive gambling experiences and so it is likely New Jersey casinos will continue to record positive revenue figures.
