New Jersey’s Casino and Sports Betting Revenue Hits Record $5.8 Billion in 2023

A Year of Unprecedented Growth

The New Jersey Division of Gaming Enforcement’s recent figures reveal a nearly 11% increase in overall gaming revenue compared to the previous year, setting a new all-time high. This surge in revenue surpasses the previous record of $5.2 billion set in 2006 and matched last year, highlighting the industry’s significant recovery and expansion.

Despite the overall growth, Atlantic City’s nine casinos present a mixed picture. Only three of them — the Borgata, Hard Rock, and Ocean — have surpassed their pre-pandemic in-person gambling earnings from 2019. The remaining six casinos are still grappling with lower in-person winnings, a reminder of the ongoing challenges in the post-COVID-19 landscape.

The Dual Impact of Internet Gambling and Sports Betting

The surge in total revenue is attributed to the strong performance of internet gambling and sports betting. Internet gambling alone brought in over $1.9 billion, a nearly 16% increase from the previous year. Moreover, sports betting contributed significantly, with over $1 billion in revenue from nearly $12 billion worth of bets placed.

In-person casino winnings, considered the core business of these establishments, reached $2.8 billion collectively. However, this was mainly driven by the success of the three newest casinos. Borgata led the market with $729 million in in-person earnings, followed by Hard Rock with $512 million, and Ocean with nearly $415 million.

Officials’ Perspective on the Industry’s Growth

James Plousis, chairman of the New Jersey Casino Control Commission, remains optimistic, highlighting the decade-high in-person casino winnings and record-breaking internet gambling and sports wagering revenues. Jane Bokunewicz, of the Lloyd Levenson Institute at Stockton University, also acknowledged the significant role of internet gaming and sports wagering in achieving these record revenues.

Conclusion: A Booming Gaming Industry with Varied Fortunes

New Jersey’s gaming industry’s record revenue in 2023 paints a picture of a sector experiencing significant growth, primarily due to the expansion of internet gambling and sports betting.

While this represents a major achievement, the varied performance of Atlantic City’s casinos in their core in-person business reflects the diverse challenges and opportunities within the state’s gaming industry. As New Jersey continues to navigate the evolving landscape of gaming and betting, the sector remains a vital and dynamic part of the state’s economy.