New Jersey’s gambling industry has set a new benchmark, achieving a record-breaking $5.8 billion in revenue for 2023. This milestone underscores the state’s position as a powerhouse in the U.S. gambling market, with significant contributions from online gaming and sports betting sectors.
Key Takeaways:
- New Jersey gambling revenue reached an all-time high of $5.8 billion in 2023
- Online casino gaming saw a 15.1% year-over-year increase, contributing $1.92 billion
- Sports betting handle surpassed $11 billion, generating $1.01 billion in revenue
The Garden State’s gambling industry has once again proven its resilience and adaptability, posting impressive figures across various sectors. The New Jersey Division of Gaming Enforcement reported that the state’s casinos, horse tracks that offer sports betting, and online partners collectively generated $5.8 billion in revenue for 2023, marking a 10.8% increase from the previous year.
Online casino gaming emerged as a key driver of this growth, with revenue climbing 15.1% year-over-year to reach $1.92 billion. This surge in iGaming activity highlights the increasing preference for digital platforms among New Jersey’s gamblers, a trend that has been accelerating since the pandemic.
Sports betting also played a crucial role in the state’s record-breaking year. The total sports wagering handle surpassed $11 billion, resulting in $1.01 billion in revenue. This performance cements New Jersey’s status as a major player in the U.S. sports betting market, competing closely with established hubs like Nevada.
Traditional brick-and-mortar casinos in Atlantic City showed resilience, collectively generating $2.8 billion in revenue. While this figure represents a modest 1.8% increase from 2022, it demonstrates the enduring appeal of in-person gambling experiences despite the rapid growth of online alternatives.
The Borgata maintained its position as the top-performing casino in Atlantic City, with $725.2 million in total gambling revenue. Hard Rock followed closely with $604.9 million, while Ocean Casino Resort secured the third spot with $415.1 million.
December 2023 proved to be a strong finish to the year, with total gambling revenue reaching $534.5 million, a 14.8% increase compared to December 2022. This robust performance was bolstered by a 21% year-over-year growth in online casino revenue and a 63% surge in sports betting revenue for the month.
The record-setting year for New Jersey’s gambling industry reflects broader trends in the U.S. market, where states are increasingly embracing online gambling and sports betting to boost revenues. As the industry continues to evolve, New Jersey’s success serves as a model for other jurisdictions looking to capitalize on the growing appetite for diverse gambling options.
Looking ahead, industry experts anticipate continued growth in the online sector, while land-based casinos may face challenges in attracting younger demographics. The state’s regulatory framework and established market position suggest that New Jersey is well-equipped to maintain its status as a leading gambling destination in the coming years.