In 2023, New Jersey’s gaming world saw unprecedented growth as the casino and sports betting sectors, together with online venues, declared an astonishing revenue of nearly $5.8 billion. According to figures from the New Jersey Division of Gaming Enforcement, this landmark achievement represents an 11% increase over the previous year.
Data is available until October 2023.
One of the trends which stands out in this all-time-high performance is the fact that a larger share of bettors choose mobile betting. The numbers revealed a major divergence: it showed that bettors are choosing online sites over land-based gambling. This is a game-changer for the industry, as mobile betting becomes the market leader.
Mixed Fortunes for In-Person Gambling
Although the overall numbers reflect a booming industry, it is a mixed picture for Atlantic City’s nine casinos. Two-thirds of these establishments are still dealing with revenue from all on-site gamblers that’s lower than before COVID-19, the Associated Press reported. That would indicate a slower-than-expected recovery in the traditional, physical betting stores.
Unprecedented Numbers and Revenue Breakdown
The $5.77 billion in total winnings from casinos, horse tracks with sports betting outlets and their online counterparts exceeded the previous all-time high of $5.2 billion in 2006. However, only half of this total revenue amounting to the staggering figure came from in-person gambling, indicating how internet gambling and sports betting have been increasingly becoming significant.
James Plousis' Optimism and Market Insights
“As it now stands, nothing is more encouraging than the present direction of the state’s casino industry,” said James Plousis, Chairman of the New Jersey Casino Control Commission. In-person casino winnings hit the highest level in a decade, online gaming revenue surpassed the prior 2022 record by more than 15%, and sports wagering revenue achieved a yearly record, he noted. Plousis said New Jersey’s vision for a thriving and competitive Atlantic City is coming to fruition.
Digital Gaming Products Propel Industry Growth
Jane Bokunewicz, the Director of the Lloyd Levenson Institute at Stockton University, credited record revenue to new products in gaming. The highly significant role of internet gaming and sports betting was confirmed, accounting for nearly 46% of the 2023 total gaming revenue for the year. That’s a measure of the industry’s successful bet on digital innovations that appeal to today’s bettors.
In-Person Revenue Breakdown by Casino
Though the pandemic worked against in-person gambling overall, Borgata, Hard Rock and Ocean casinos reported growth in revenue relative to 2019. Borgata was first in the market with $729 million, followed by Hard Rock with $512 million and Ocean with nearly $415 million. The six other casinos experienced varying degrees of decline in in-person profits.
Sports Betting and Internet Gambling Highlights
Sports bets produced a booming revenue source, raking in more than $1 billion from nearly $12 billion in bets. Internet gambling also experienced strong growth, generating over $1.9 billion in 2023, or a 16% increase from the prior year. The Revenue — from internet and sports betting — illustrated the economic play of individual casinos.
Digital Dominance: The Key Driver of Industry Evolution
The New Jersey data reflects the industry’s turn toward digital supremacy. The shift away from traditional betting methods and to mobile betting indicates that the future of gambling happens to rest in the hands of digital platforms.
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