New Jersey Starts off Strong With Impressive Revenue Boost in January

In the dawn of 2024, New Jersey shines brightly as it boasts a remarkable beginning, witnessing the zenith of its gaming revenue. On Friday, the New Jersey Division of Gaming Enforcement unveiled that January’s total revenue reached $559.1 million. This marked a 28% surge from the $436.9 million recorded in Jan. 2023 and a 7.1% increase compared to December’s $522.2 million haul.

Fueling this growth was the boom in online gambling, which soared to new heights, with revenues reaching $183 million, representing an uptick of nearly 20% compared to the previous year. Additionally, sports betting experienced a nearly twofold increase, with revenues approaching $171 million, further propelling the industry’s expansion.

Online slots increased, claiming a lion’s share of revenue amounting to $180.8 million, marking a robust 20.4% ascent. Internet poker suffered a setback, with revenues falling by 8.2% to $2.5 million.

In January, the revenue from land-based casinos tallied up to $205 million, marking a modest 3.1% decrease compared to the preceding year.

While traditional physical slots experienced a decline, with revenue slipping by 5.8% to $143 million, there was a contrasting increase in revenue from land-based table games. Surging ahead by 3.7% to $62.1 million, table games demonstrated an upward trend, showcasing a promising aspect amidst the overall fluctuation in casino revenue.

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NJ Sports Betting Handle Experiences 58.9% Growth

Sports betting handle in January of this year experienced a remarkable surge of 58.9% compared to Jan. 2023, eclipsing the fleeting record set at $1.62 billion in November. From a total handle of $1.72 billion, online sportsbooks contributed a significant portion, totaling $1.67 billion in January alone. This marks New Jersey’s fifth consecutive month of surpassing the billion-dollar mark, solidifying its place as the eighth-highest handle in the history of state-by-state sports betting expansion since 2018.

Meadowlands Racetrack saw its coffers swell by a staggering $113 million courtesy of sports bets, marking a meteoric surge of 137% from the previous year. In this triumphant venture, the track’s steadfast allies, including FanDuel, PointsBet, and SuperBook, stood shoulder to shoulder as enduring partners in success.

Meanwhile, Monmouth Park witnessed a commendable uptick, raking in nearly $2.4 million in sports betting revenue, reflecting a growth of 8.5%. However, the narrative took a somber turn for Freehold Raceway, where the balance sheet saw losses exceeding $1 million in sports wagers compared to $1.6 million in Jan. 2023.

In regards to the year 2023, total revenue surged to an impressive $5.78 billion, marking a historic pinnacle. iGaming revenue skyrocketed to $1.92 billion, setting a fresh benchmark that stood 15.7% above the figures of 2022. Meanwhile, sports betting witnessed an ascent, with revenue hitting an all-time annual high of $1.01 billion, marking a 31.9% increase from 2022 and signifying the state’s inaugural breach of the $1 billion threshold.

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