New Jersey Witnesses Solid 9.3% YoY Growth in Gambling Revenue
In October, the gaming industry in New Jersey saw ups and downs, with a total of $487.1 million in revenue. Although this was a 6.6% decrease from September’s $521.5 million, it was still better than the $445.7 million from the previous year.
Conventional physical slots, which have always generated the most income, had a 1.9% decrease to $163.0 million in October compared to the previous year. On the other hand, table games in physical locations had a notable increase, rising 19.7% to $65.1 million. The combined impact increased the retail casino industry’s overall income to $228.1 million, a 3.4% increase.
Online slots prospered as their retail counterparts faced a downturn. October saw a 13.4% increase in revenue to $164.4 million from legal online gaming, which includes internet slots. Peer-to-peer poker games over the internet saw a 6.2% increase to $2.4 million, which also added to the digital boom. In comparison to the prior year, the total income from iGaming grew by a strong 13.3% to $166.8 million.
Golden Nugget surpassed Resorts Digital to take the #1 rank in the online gambling industry in October. Resorts Digital came in second place with $46.0 million, just behind Golden Nugget’s $49.4 million in revenue. Third place went to Borgata, which brought in $35.6 million from iGaming for the month.
New Jersey’s sports betting industry kept up its winning ways in October, with revenue rising 18.4% year over year to $92.3 million. With $1.29 billion in total handling from sports betting throughout the month, it was a significant 21.7% increase over the same period last year. With $60.2 million in sales, Meadowlands, in partnership with FanDuel, PointsBet, and SuperBook, topped the market.
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Looking ahead to the year-to-date results, New Jersey’s gaming income for the first ten months of 2023 was $4.77 billion, indicating a strong 10.6% rise over the same time last year. The thriving numbers cover land-based casinos as well as internet and sports betting, demonstrating the adaptable and dynamic character of the gambling environment in the state.
