The state of New Jersey has witnessed a significant uptick in its gambling revenues, with the total market revenue clocking in at $487.1 million for October. This figure reflects a 9.3% increase from the $445.7 million reported in the same month last year, though it does trail behind the $521.5 million recorded in September of the current year by 6.6%.
Despite the overall revenue growth, a closer look reveals varying performances across different gambling sectors in New Jersey. Physical slots, traditionally the mainstay of gambling revenue in the state, saw a slight downturn with a 1.9% year-on-year decline, generating $163.0 million in revenue for October. This dip stands in contrast to the land-based table games sector, which experienced a noticeable jump, seeing a 19.7% rise to $65.1 million. The contrasting fortunes of these two segments resulted in a moderate 3.4% increase in total revenue from the retail casino sector, amounting to $228.1 million.
The narrative shifts positively when it comes to the digital realm. Online authorized games, including internet slots in New Jersey, boasted a 13.4% increase in revenue, reaching $164.4 million in October. Further adding to the upward trend, online peer-to-peer poker games revenue rose by 6.2%, culminating in $2.4 million. Consequently, the overall revenue from iGaming for the month ascended to $166.8 million, marking a 13.3% improvement compared to the corresponding period last year.
In the competitive world of New Jersey iGaming, Golden Nugget claimed the lead from Resorts Digital for October’s revenues. Golden Nugget generated $49.4 million, edging ahead of Resorts Digital’s $46.0 million, while Borgata came in third with revenues of $35.6 million from iGaming in October.
Sports betting in New Jersey is yet another area enjoying a revenue rally. Year-on-year, the sector’s revenue spiked by 18.4%, translating to $92.3 million compared to the $77.9 million of October 2022. Sports enthusiasts wagered a hearty $1.29 billion on sports, which marked a 21.7% increase from the $1.06 billion wagered last year. Of this jaw-dropping wagering pie, a whopping $1.24 billion was bet online, with retail’s portion contributing $56.3 million.
When it comes to the leading operators in sports betting, Meadowlands, with partners FanDuel, PointsBet, and SuperBook, reclaimed the top rung with an impressive $60.2 million in revenue for October. DraftKings and Resorts World, who led in August and September, slipped to the second spot with revenue of $15.3 million. Borgata and BetMGM were not far behind, securing third place with $7.8 million in sports betting revenue.
Taking a broader perspective of New Jersey’s performance, the revenue from January to October stands at $4.77 billion, surpassing last year’s figures by 10.6%. The land-based casino sector contributed $2.40 billion to this tally, a modest growth of 1.9% from last year. Within this sector, slots revenue increased by 2.4% to $1.78 billion while table games remained almost flat with a 0.4% increase, totaling $625.0 million.
Online gambling platforms didn’t fall behind in the race, as their revenue saw a robust 15.1% year-on-year increase, amounting to $1.57 billion. Internet authorized games were the heavyweight contributor with a 15.3% jump to $1.55 billion, while online poker also had a robust run with revenue jumping 6.5% to $24.6 million.
Moreover, sports betting revenue saw a significant leap of 34.7%, reaching $801.3 million. Gamblers in New Jersey have wagered a massive $9.06 billion year-to-date, signaling the state’s healthy appetite for betting activities. With these impressive statistics, the Garden State’s gambling sectors appear to be thriving across the board, hinting at a robust year for market stakeholders.
