New Jersey Enjoys Significant Gambling Revenue Growth in 2023
LISTEN TO THIS ARTICLE:New Jersey saw the Total Gaming Revenue for the US state achieve $5.78 billion after the New Jersey Division of Gaming Enforcement released strong figures for December last year.
The trading figures for New Jersey show the total gaming revenue for the state for 2023 was up 10.9% from $5.21 billion in 2022, in a year-on-year comparison.
In a breakdown of the gaming revenue in New Jersey for 2023, the largest percentage gain was in the Sports betting sector. It saw Sports betting in the state achieve revenues of $1.01 billion in 2023, which is a significant rise of 31.9% when compared to the previous year.
There was also a big rise in Internet gambling in the state, and the total revenue for the year in this sector was up by 15.7% from 2022, which saw New Jersey take $1.92 billion in online gambling. Casino revenue in the state still made more than half of the total gaming revenue in the state, reaching $2.85 billion last year, and this equates to a steady rise of 2.2% from the 2022 figures.
Related: New Jersey Sets Record for Online Gaming and Sports Betting
December Continues Strong End of Year in New Jersey
Following a strong showing in November, the gambling revenue in New Jersey continued to rise the following month and completed a surge in trading figures for the year. The total gaming revenue for the state in December was $522.2 million, and this translates as a healthy 14.8% increase compared to the same month in 2022.
The December revenue also shows there was a rise of 8.25% in gambling figures when compared to the previous month’s trading statement.
The December revenues for land-based casinos in New Jersey increased by 7.8% year on year to reach a figure of $232.4 million. This growth was spread among eight of the nine casino venues in the state, which enjoyed a growth in revenue.
Sports betting in the state was $109.4 million for December 2023, and this continues to rise, showing a 24.8% increase year-on-year. The report showed the majority of wagers placed on sports were through online gaming operators.
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