New Jersey Gaming Revenue Continues to Climb
June 17, 2022
Last week we explored a number of different states and the changing gambling revenue particularly in sports books – with New York’s figures slowly dropping down after a fantastic opening couple of months, and smaller states like Iowa and Oregon seeing increasing success year on year and month to month.
Another of the big success stories comes from New Jersey – gambling revenue across the state is up 15.1% year on year with May bringing in $430.6 million, compared to the $374.2 million in revenue last year. Land based casinos still make up the majority of this, however, with $233 million in May coming from brick-and-mortar locations but the growth for online gambling has been impressive with a 25.7% year on year growth.
Borgata was the leader here posting $42.6 million in revenue for online gambling for the month, Resorts Digital followed closely behind at $29.8 million, and despite surrendering its license for iGaming and online sports betting, Golden Nugget was responsible for $29.7 million too.
With New Jersey having some of the least restrictive laws in the country for online betting and gambling as a whole, it comes as no surprise that the state is seeing such strong performance – whilst gaming options aren’t completely unrestricted as they are in other parts of the world including most of Europe and this has certainly helped with the strong figures being put up month to month, and year on year too.
Sports betting also made a sizeable dent here too – at 16.4% higher revenue, it does come slightly lower than the online gambling revenue, but still an impressive figure despite the state’s handle declining by 5.9% – $708.4 million was wagered through online platforms, compared to just $58 million being bet at retail locations.
It’s certainly an exciting period of time for the US iGaming market as a whole, with the global health pandemic slowing and being all but left behind in the country and the expansion of new legislation still growing, New Jersey continues to be a big representative on the country-wide stage for why implementing change is important, and why doing so early and doing so well can lead to some impressive figures posted month on month.
Similarly, the tax revenue earned from online gambling and sportsbooks continuing to grow too gives plenty back to the state, and with economic recovery still being a big goal for many states, this is a beacon for other states looking to fuel their own economic recovery.
