New Jersey’s gambling revenue surged to $526.6 million in March, marking an 8.1% increase, largely driven by the state’s booming igaming market. This record-setting performance eclipsed the $487.4 million revenue of March 2023 and represented a robust 14.1% growth from February’s $461.5 million.
Dominance of Land-based Sector
The land-based sector maintained its dominance, contributing $239.8 million to the total revenue, a 4.9% rise from last year. Slot machines generated $172.7 million, while table games added $67.0 million to the tally.
Growth in Online Gambling
In contrast, online gambling saw unprecedented growth, reaching $197.2 million, a significant 19.9% increase from 2023. Online slots led the charge, accounting for $194.8 million of the total revenue. However, internet poker revenue experienced a slight decline of 5.4%, amounting to $2.4 million.
Leading the online gaming market was Golden Nugget with $57.1 million in revenue, followed by Resorts Digital and Borgata Casino with $48.9 million and $43.8 million, respectively.
Despite the overall surge, sports betting revenue faced a slight setback, dropping by 3.6% to $89.7 million. However, this figure still represented a 32.7% increase from February’s total.
Year-to-Date Performance
Looking at the year-to-date figures, total market revenue for the first three months of the year stood at $1.55 billion, a significant 15.7% increase from the same period in 2023. Land-based gambling revenue remained steady at $656.1 million, while online gambling revenue surged by 22.0% to $562.8 million. Sports betting revenue also saw a notable increase of 22.0% to $328.0 million.
These figures arrive amidst discussions of a potential tax hike for online gambling operators in New Jersey, with a proposed increase to 30% from the current 15%. As the industry continues to thrive, it remains to be seen how such regulatory changes may impact the market.
Online Gambling Scene in NJ
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