New Jersey Gambling

New Jersey Gambling Revenues Soar to Record Heights, Fueled by Digital Dominance

In 2023, New Jersey’s gambling landscape witnessed a historic surge as the casino and sports betting industry, in collaboration with online platforms, reported an extraordinary revenue of nearly $5.8 billion. This remarkable achievement marked an 11% increase from the previous year, according to figures released by the New Jersey Division of Gaming Enforcement.

Digital Dominance: Mobile Betting Drives the Industry

One standout trend in this record-breaking performance is the growing preference for mobile betting among bettors. The data unveiled a significant shift, indicating that bettors are favoring digital platforms over traditional, in-person gambling. This marks a transformative change for the industry, as mobile betting continues to dominate the market.

Mixed Fortunes for In-Person Gambling

While the overall figures showcase a flourishing industry, the scenario is mixed for Atlantic City’s nine casinos. Two-thirds of these establishments are still grappling with lower revenue from in-person gamblers compared to pre-COVID-19 levels, as reported by The Associated Press. This suggests that the recovery in traditional, brick-and-mortar gambling establishments has been slower than anticipated.

Record-Breaking Figures and Revenue Distribution

The $5.77 billion in combined winnings from casinos, horse tracks with sports betting facilities, and their online counterparts surpassed the previous all-time high of $5.2 billion in 2006. Notably, only half of this staggering total revenue originated from in-person gambling, highlighting the growing significance of internet gambling and sports betting.
James Plousis' Optimism and Market Insights

James Plousis, Chairman of the New Jersey Casino Control Commission, expressed optimism about the industry’s trajectory. He pointed out that in-person casino winnings reached the highest point in a decade, internet gambling revenue exceeded the 2022 record by over 15%, and sports wagering revenue set a yearly record. Plousis emphasized that New Jersey’s vision for a vibrant and competitive Atlantic City is materializing successfully.

Digital Gaming Products Propel Industry Growth

Jane Bokunewicz, Director of the Lloyd Levenson Institute at Stockton University, attributed the record-breaking revenue to the introduction of innovative gaming products. Internet gaming and sports wagering played a pivotal role, contributing nearly 46% to the total gaming revenue for the year. This reflects the industry’s successful gamble on digital innovations that resonate with modern bettors.

In-Person Revenue Breakdown by Casino
While overall in-person gambling faced challenges, Borgata, Hard Rock, and Ocean casinos experienced growth in revenue compared to 2019. Borgata led the market with $729 million, followed by Hard Rock with $512 million and Ocean with nearly $415 million. The remaining six casinos encountered varying degrees of decline in in-person earnings.
Sports Betting and Internet Gambling Highlights
Sports betting emerged as a revenue powerhouse, generating over $1 billion from nearly $12 billion worth of bets. Internet gambling also witnessed substantial growth, contributing over $1.9 billion in 2023, a notable 16% increase from the previous year. The combination of revenue from internet and sports betting showcased the financial performance of individual casinos.
Digital Dominance: The Key Driver of Industry Evolution
The data from New Jersey exemplifies the industry’s pivot towards digital dominance. Bettors’ preferences for mobile betting over traditional avenues underscore a transformative phase, signaling that the future of gambling lies in the hands of digital platforms.

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