Gambling Revenue in New Jersey Soars, up by 9.3% For October

The gambling regulator in New Jersey, the Division of Gaming Enforcement (DGE), released its latest report, uncovering details regarding the performance of licensed operators for October. Released Friday, the new report revealed that October marked a strong month for the gambling sector in the state with total gaming revenues hitting $487.1 million. A year-over-year comparison to October 2022 when the gaming revenue halted at $445.7 million shows that this year, an increase of 9.3% or $41.4 million is observed.

Not unexpectedly, year-to-date results were also strong. Year-to-date revenue through the end of October this year hit $4.77 billion. When compared to the $4.3 billion result in total gaming revenue for the same period in 2022, an increase of 10.6% is observed.

Besides revenue, the latest report uncovered details regarding the taxes collected by New Jersey in October. Overall, taxes for the period from casinos were $7.4 million, while sports wagering raised $801,145. Focusing on year-to-date results, through October 2023, casinos contributed $74.2 million in taxes, while sports betting contributed $5.2 million in taxes.

Sports Betting, iGaming Post Highest Increase in Revenue for October

The DGE released a breakdown of the $487.1 million in total gaming revenue reported by licensed casino, iGaming and sports betting operators in October. Last month, sports betting and internet gaming activities helped propel the growth of revenue.

Sports betting revenue last month soared by 18.4% to $92.3 million. In contrast, for October 2022, sports betting revenue halted at $77.9 million. The total sports wagering handle reported last month hit $1.29 billion. It’s not a surprise that online sports betting was responsible for the lion’s share of the betting handle or some $1.24 billion. On the other hand, the retail betting handle last month was $56.3 million. Undoubtedly, the NFL action throughout last month impacted positively the performance of sports betting operators in New Jersey.

Internet gaming win increased as well in October, hitting $166.8 million. Compared to the $147.2 million result reported in October 2022, this year, an increase of 13.3% is observed.

The total casino revenue reported last month was $228.1 million, representing an increase of 3.4% when compared to the $220.6 million result from October last year. A breakdown of that total showed a nearly 2% decrease in slot machine win to $163 million along with a 19.7% increase in table games win to $65.1 million.

Majority of Licensees Enjoy Increase in Revenue

Out of 14 licensed casinos and racetracks, nine posted an increase in their total gaming revenue last month. Meadowlands’ total gaming revenue in October hit $60.2 million, marking an increase of 32.7%, while Freehold Raceway’s gaming revenue increased by 38.2% to $1.8 million.

Ocean Casino posted $48.1 million in total gaming revenue last month, up by 52.6% when compared to the October 2022 result. Bally’s also posted strong revenue last month, up by 27.3% year-over-year to $19.8 million.

October was a busy month for Golden Nugget, with its revenue hitting $61.5 million, up by 22.1% year-over-year. Similarly, Hard Rock posted a revenue increase of 17.5%, with total gaming revenue hitting $51.9 million.