New Jersey’s Financial Report Reveals Robust Growth and Digital Surge in November

Casino Win: A Steady Growth

The nine casino hotel properties in New Jersey reported a Casino Win of $214.9 million for November 2023, a modest increase of 0.2% compared to November 2022’s $214.5 million.

This growth reflects a stable performance in the face of challenging market conditions. The year-to-date figures are even more telling, with a Casino Win of $2.62 billion, indicating a 1.8% increase over the previous year’s $2.57 billion.

Internet Gaming Win: The Digital Surge

A significant uptrend was observed in Internet Gaming Win, with November 2023’s figures standing at $171.6 million. This marks a substantial 17.4% growth compared to the previous year’s $146.2 million.

The year-to-date numbers show a similar trend, with a 15.4% increase to $1.74 billion from $1.51 billion in the prior year. These numbers are indicative of the growing popularity and acceptance of online gaming platforms.

Sports Wagering Gross Revenue reported by casinos, racetracks, and their partners for November 2023 was $95.9 million, showing an impressive 19.2% increase from $80.4 million in November 2022.

The year-to-date figures stood at $897.2 million, a significant 32.9% increase from the previous year’s $675.3 million. This surge is reflective of the increasing interest in sports betting among consumers.

Total Gaming Revenue: A Comprehensive Upswing

The Total Gaming Revenue, encompassing Casino Win, Internet Gaming Win, and Sports Wagering Gross Revenue, was reported at $482.4 million for November 2023.

This is a 9.4% increase from $441.1 million in November 2022. The year-to-date Total Gaming Revenue was $5.26 billion, marking a 10.5% increase from the previous year’s $4.76 billion.

These figures underscore the robust growth across all sectors of the gaming industry in New Jersey.

The report provides a detailed breakdown of the performance of individual casinos and racetracks. For instance, Bally’s showed a 20.4% increase in Casino Win, while Borgata experienced a slight decrease.

The Internet Gaming Win saw significant increases across many providers, with Golden Nugget and Resorts Digital showing notable growth. Sports Wagering Revenue also varied, with Hard Rock and Meadowlands making remarkable gains.

Tax Contributions and Sports Wagering Handle

The financial report also sheds light on the tax contributions from various segments. The Gross Revenue Tax, Internet Gross Revenue Tax, and Sports Wagering Gross Revenue Tax collectively amounted to significant contributions to the state’s revenue.

The Sports Wagering Handle, both on-site and online, showcased the widespread participation in sports betting, with football, basketball, and baseball being the most popular choices among bettors.

Conclusion: The Growing Gaming Landscape

November 2023’s financial report from New Jersey’s Division of Gaming Enforcement paints a picture of a thriving gaming industry.

With steady growth in traditional casino operations, a significant surge in online gaming, and a burgeoning sports wagering sector, the industry is poised for continued expansion. These trends not only reflect changing consumer preferences but also highlight the potential for further development and innovation in the gaming sector.