New Jersey: Online gambling revenue hits record high

New Jersey: Online gambling revenue hits record hi...

New Jersey casino and sportsbook operators and their online partners won nearly $5.8 billion in 2023, setting a new record . That’s an increase of nearly 11% from last year.

But the news is less encouraging for Atlantic City’s nine casinos, two-thirds of which are still less profitable on-site Players are earning more than before the Covid-19 pandemic.

Data released by the New Jersey Division of Gaming Enforcement shows that three racetracks There are casinos that offer sports betting, and their online affiliates won $5.77 billion last year, surpassing the state’s all-time high of $5.2 billion in 2006and matching the previous year’s figure.

But only half of that money comes from the casino’s core business: money won at physical facilities. Money won through online gambling and sports betting is shared with others, including technology platforms and sports betting operators, and is not the exclusive property of the casino.

Borgata wins money.

Therefore, the casino considers individual bonuses as its core business. Business is not going well in 2023 for six of the nine casinos. Only three casinos (Borgata, Hard Rock and Ocean) won more from live players last year than they did in 2019 before the pandemic hit. Overall, casinos took in $2.8 billion in winnings from live players, surpassing 2019 levels, but that was largely driven by the strength of three new casinos.

Optimism in New Jersey.

New Jersey Casino Control Commission Chairman James Plousis said there was reason to be satisfied with the numbers achieved, noting that individual casinos – profits hit their highest level in a decade, Online Gambling revenue exceeded 2022 record by more than 15%, and sports betting revenue set an annual record.

“With the addition of online gaming and sports betting, New Jersey’s vision of a vibrant and competitive Atlantic City is becoming a reality.

Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the gambling market in Atlantic City, said that without new gambling products (internet gaming and sports betting ), the record-breaking overall revenue performance would have been impossible to achieve, with the largest contribution accounting for 46% of total gaming sales for the year.”

“The industry’s commitment to new and innovative betting products is evident in the internet betting and sports betting markets,” he said.

Sports betting generated more than $1 billion in revenue and nearly $12 billion in bets Published data shows players are winning and Funds invested after paying other expenses.

In terms of money won by individual players, Borgata was once again the market leader with $729 million, accounting for less than 1%. Hard Rock had revenue of $512 million, up 4.1%, and Ocean had revenue of nearly $415 million, up 16.3%.

Harrah’s personal revenue was $254 million, down 1.5% ; Tropicana revenue was $240 million, down 3.3%; Caesars revenue was $2.31 billion, down 1.7%; resort revenue was $163 million, down 2.3%; Bally’s revenue was $155 million, down 1%; and Golden Nugget revenue was $146 million, down 1.8%.

Internet gaming revenue exceeded $1.9 billion last year, up nearly 16% from 2022.

New Jersey: Online gambling revenue hits record hi...

Comments (2)

  • It appears that New Jersey’s casino and sportsbook operators had a successful year in 2023, breaking records and seeing an increase in revenue. However, some of the casinos in Atlantic City are still struggling to be profitable on-site, with only three casinos seeing an increase in winnings from live players compared to pre-pandemic levels.

  • Rodrick.oberbrunner

    The text discusses the record-breaking revenue generated by New Jersey casino and sportsbook operators in 2023, with a significant portion coming from online gambling and sports betting. Despite challenges faced by some casinos, overall profits have been on the rise, driven by the success of new and innovative betting products.

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