New Jersey’s Regulator Publishes March Revenue Figures

The New Jersey Division of Gaming Enforcement has published its March 2024 report, highlighting an increase in iGaming win contrasted with a slight decline in wagering revenue. Casino win, on the other hand, remained stable.

According to the division, New Jersey’s nine casino hotel properties reported a total win of $239.8 million for March 2024. This figure reflects a 4.9% increase year-on-year, exceeding the $228.6 million reported in March 2023.

On a year-to-date basis, casino win remained stable at $651 million. This figure marks a slight increase of 0.1% year-on-year.

Internet gaming win for March 2024, on the other hand, reached $197.2 million, representing a growth of 19%. For comparison, the casinos and their online partners reported revenue of $165.7 million in March 2023.

In terms of year-to-date results, internet gaming win stood at $562.8 million, reflecting a growth of 22% from $461.2 million a year ago.

Last but not least, sports wagering gross revenue reported by New Jersey’s casinos, racetracks and their partners declined by 3.6% to $89.7 million. For reference, the sports betting industry reported revenue of $93 million in March 2023.

For the year-to-date period, casinos, racetracks and their partners reported $328 million in sports wagering gross revenue. This figure reflects a 49.1% increase compared to the prior year-to-date period when companies reported $220 million in sports wagering gross revenue.

Overall, casino companies in the Garden State reported a total gaming revenue of $526.6 million for March 2024. This figure reflects an 8.1% increase from $487.4 million in March 2023. In terms of year-to-date results, the state’s gambling sector reported $1.55 billion in revenue, marking a 15.7% increase from $1.34 billion.

There Are Efforts to Change Aspects of NJ Gaming

In other news, a recent bill in New Jersey proposed increasing the iGaming tax to 30%, mirroring the high taxation rates in other states where online gambling is legal. Senate Bill 3064 is the brainchild of Senator John F. McKeon and was referred to the State Government, Wagering, Tourism & Historic Preservation Committee on April 8.

In the meantime, New Jersey’s casino workers continue to promote a ban on smoking, arguing that the current state of affairs jeopardizes their health. As a result, the American Nonsmokers’ Rights Foundation and the Michigan-based health care system, Trinity Health, recently filed proposals with shareholders of three leading gambling operators in the state