New Jersey's Gambling Sector Sees Impressive 9.3% Growth in October

The gambling regulator in New Jersey, the Division of Gaming Enforcement (DGE), recently unveiled its October report, disclosing compelling insights into the performance of licensed operators. The findings revealed a robust month for the gambling sector, witnessing a 9.3% YoY increase in gaming revenue, totaling $487.1 million. A year-to-date analysis showcased a consistent upward trend, with revenues hitting $4.77 billion through October 2023, reflecting a 10.6% rise compared to the same period in 2022.

The report delved into the tax landscape, revealing that casinos contributed $7.4 million, and sports wagering added $801,145 in taxes for October. Cumulatively, through October 2023, casinos and sports betting contributed $74.2 million and $5.2 million, respectively, in taxes.

Sports betting and internet gaming emerged as key drivers of October's revenue surge. Sports betting revenue skyrocketed by 18.4% to $92.3 million, with online sports betting leading the charge, accounting for $1.24 billion of the total sports wagering handle. Internet gaming also witnessed a notable uptick, reaching $166.8 million, a 13.3% increase from October 2022.

The total casino revenue for October was $228.1 million, marking a 3.4% increase. While slot machine win slightly decreased by nearly 2% to $163 million, table games recorded a significant uptick, with a 19.7% increase, reaching $65.1 million.

Nine out of 14 licensed casinos and racetracks experienced a boost in total gaming revenue. Meadowlands witnessed a substantial 32.7% increase, totaling $60.2 million, while Freehold Raceway's revenue surged by 38.2% to $1.8 million. Ocean Casino, Bally's, Golden Nugget, and Hard Rock also reported impressive revenue growth, showcasing the vibrancy of New Jersey's gambling landscape.