Online gambling continues to gain momentum in New Jersey, as it sets a new monthly revenue record in March 2023. According to the NJ Division of Gaming Enforcement, online casinos and poker generated $165.7 million, an increase of 8.4% compared to the previous record set in January. Let’s dive deeper into the numbers.
💎 Year-over-Year Increase in Online Gambling Revenue
In March 2023, online gambling revenue increased by 17.8% compared to the same period in 2022, generating a total of $461.2 million through the first quarter of 2023. This represents a YoY increase of 12.9% over 2022.
💫 NJ Online Casinos Thriving
For 25 consecutive months, online gaming revenue in New Jersey has exceeded $100 million, with March 2023 being the latest addition. According to the Atlantic City casinos and their digital partners, online gambling revenue accounted for 38% of March’s total gambling revenue.
📋 Comparison with Pre-Pandemic Numbers
Prior to the pandemic-induced shutdown of Atlantic City’s 9 casinos in March 2020, online gaming revenue accounted for just 14.3% of the monthly total in March 2019. However, post-pandemic, online gambling has emerged as a significant revenue source for the state of New Jersey.
💰 Tax Collection from Online Gambling Revenue
In March, online gambling revenue in New Jersey generated almost $25 million in taxes, adding $69.3 million to the state coffers for the year. This is in stark contrast to Atlantic City casinos, which paid $41.8 million in taxes from in-person gambling revenues this year.
👬 Breakdown of Revenue by Operator
Last month, Resorts Digital posted an impressive YoY increase of 45.5%, with total revenue reaching more than $44.8 million. Borgata Hotel Casino & Spa’s online casinos, including BetMGM, Party Casino & Party Poker, Pala Casino, and Wheel of Fortune Casino, also reported solid numbers. Meanwhile, Golden Nugget Online Casino, Stardust, BetRivers, and BetWay remain among New Jersey’s top-performing internet casino brands.
Among all the online casinos, Bally’s saw the largest YoY increase, with revenue surging by 274.6% in March. Hard Rock’s online casino brands also reported positive results, with a revenue of $6.8 million, up 19.5% from March 2022. Ocean Casino Resort and its online partners almost doubled their returns from last year, posting $4.6 million in revenue.
📉 Decline in Revenue for Some Operators
Caesars Interactive and Tropicana have experienced a decline in their revenue compared to the same period in 2022. Caesars Interactive reported a revenue of $8.4 million, which is a decrease of 15.2%. Tropicana reported a revenue of $7.6 million, which is down by 26.5%. Year-to-date, both entities have seen a decrease in revenue of 16.8% and 23.9%, respectively, when compared to 2022.
💬 Final Thoughts
The numbers show that online gambling continues to grow in popularity in New Jersey, generating significant revenue for the state. While some operators have seen a decline in revenue, others continue to thrive in this competitive market. It will be interesting to see how the industry evolves in the coming months and years.