New Jersey Breaks Revenue Records with $5.78 Billion in 2023

Date: 2024-01-17 Author: Dima Zakharov Categories: EVENTS
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Land-Based Casinos Drive Revenue Surge
New Jersey's gambling revenue soared to unprecedented heights in 2023, totaling a remarkable $5.78 billion, marking a substantial 10.9% increase from the previous year's $5.21 billion. The New Jersey Division of Gaming Enforcement (NJDGE) reported robust growth across all three essential sectors.

Land-based casinos remained the backbone of the state's gambling industry, contributing $2.85 billion to the revenue, an increase of 2.2% from the previous year. Retail slots revenue also showed growth, rising by 3.3% to $2.11 billion. However, table games experienced a minor setback, with a 0.7% decline in revenue, making it the only segment to report lower earnings in 2023.

Igaming Hits Record Highs
Igaming in New Jersey reached a monumental milestone, with revenue surging to an astounding $1.92 billion, a new record and a substantial 15.7% increase compared to 2022. Online slots revenue alone jumped by 15.9% to $1.89 billion, while peer-to-peer poker increased by 5.6% to $28.9 million. Golden Nugget claimed the top position in the igaming market, raking in $524.8 million in revenue, followed closely by Resorts Digital with $507.8 million and Borgata with $489.9 million.

Sports Betting Reaches Unprecedented Heights
Sports betting in New Jersey also saw remarkable growth, reaching a record-breaking $1.01 billion in revenue, a 31.9% surge from 2022 and the first time the state crossed the billion-dollar mark. This milestone was achieved thanks to increased player engagement, with bettors wagering $11.97 billion on sports in 2023, a 9.5% increase from the previous year.

Strong Finish in December
New Jersey ended 2023 on a high note, with a 14.8% increase in total market revenue in December, reaching $522.2 million. Land-based casinos' winnings rose by 7.8% to $232.4 million, driven by a substantial 13.9% increase in slots revenue. Igaming revenue also saw a significant boost in December, surging by 19.1% to $180.3 million.

In summary, New Jersey's gambling industry experienced a phenomenal year in 2023, breaking revenue records and solidifying its position as a major player in the world of gambling and sports betting.
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