New Jersey, positioned as the hub of online gaming in the United States, has achieved a remarkable milestone in its 2023 revenue. The New Jersey Division of Gaming Enforcement (DGE) disclosed on Tuesday that the state generated $5.77 billion. Interestingly, this past year marked the highest losses for gamblers in the state’s history.
The state’s consolidated gross gaming revenue, reaching $5.77 billion, exhibited an 11% increase compared to the 2022 figure of $5.21 billion.
According to James Plousis, the chair of the New Jersey Casino Control Commission, this substantial growth was not confined to a specific sector but was widespread across the board. However, the physical table segment in Atlantic City experienced a decline compared to 2022. Earnings from this category totaled approximately $736.2 million, reflecting a 0.7% decrease from the previous year’s figure of $741.7 million.
“In 2023, Atlantic City achieved its highest total gaming revenue compared to any other year in its history, with positive results in all three components — casino win, internet gaming win, and sports wagering revenue.”
2023 New Jersey Gross Gaming Revenue Breakdown
The revenue generated from brick-and-mortar casino operations saw an increase, reaching $2.8 billion. This marked a 2.2% rise compared to the 2022 figure, which stood at $2.7 billion.
The income from Internet Gaming experienced significant growth, totaling $1.92 billion. This represents an impressive 11% surge compared to the 2022 numbers, which were at $1.66 billion.
The retail slot revenue demonstrated a steady upward trend, witnessing a 3.3% growth from the previous year’s figure of $2.04 billion to a current total of $2.11 billion. Online slot revenue also experienced an increase, jumping by 15% to reach $1.89 billion. Additionally, peer-to-peer poker showed positive momentum, with a rise of 5.6% to achieve a total of $28.9 million.
NJ Sports Betting Revenue Records New High
For the first time since New Jersey sports betting became legal, it recorded sports betting revenue that exceeded $1 billion. Hence, the fiscal year 2023 boasts a sports betting revenue of $1.01 billion, showcasing a substantial 31.9% surge compared to the year 2022, which posted a revenue of $763 million.
This increase was aided by the higher spending that occurred in players, as bettors wagered $11.97 billion on sports for the year 2023. This figure reflects an uptick of 9.5% from 2022, when the annual handle stood at $10.93 billion. Of this amount, online platforms played a pivotal role, as reports indicate that $11.44 billion was wagered online, while $527.8 million was wagered through traditional retail sportsbooks in the state.
Strong Finish: NJ Concludes December With a 4% Revenue Growth
In December, the Garden State reported revenue of $522.2 million, marking a 14.6% increase from 2022. Land-based casinos contributed $232 million to this consolidated revenue, reflecting a 7.8% surge compared to the previous year. The growth in casino revenue was driven by an increase in slot revenue, reaching $175 million.
Internet gaming experienced an uptick in December, with a 19.1% rise, bringing in $180.3 million. Additionally, sports betting for the month saw a noteworthy increase of 24.8%, reaching $109.4 million. This boost was facilitated by a 20.8% rise in handle, totaling $1.28 billion. Players placed bets of up to $1.23 billion online, while retail sportsbooks in the state accounted for $50.5 million in wagers.
Meadowlands, along with its three partners, secured the leading position in this market by generating an impressive $51.1 million in revenue.
DraftKings and Resorts World followed closely in the second position with $34.8 million, showcasing a considerable gap between them and Borgata and BetMGM, who claimed the third spot with $7.1 million.
As regards the year 2024, Plousis added that he is positive that the great feat achieved last year will be replicated.
“New Jersey’s vision for a vibrant and competitive Atlantic City is coming to fruition after the addition of online gaming and sports wagering. Atlantic City’s attractions, amenities, and its diversified gaming options are appealing to consumers and providing momentum for the new year.”
About the Author
