The gambling revenue of New Jersey in March increased by 8.1%, to $526.6m. (PS422.5m/EUR495.2m). This was due in part to a record-breaking performance on the state’s online gaming market.
In March 2023, revenue is expected to reach $487.4m. Total revenue in New Jersey was up by 14.1% in February from $461.55m.
The Garden State’s land-based gaming market generated again the largest proportion of revenues from the active markets. The revenue from land-based gaming was $239.8 million, an increase of 4.9% on the previous year.
Slot machines accounted for $172.7m, an increase by 4.8%. Table games generated the remaining $67.0m, an increase of 4.9% over last year.
New Jersey breaks igaming record for revenue again
Online gambling revenue in New Jersey reached $197.2m. This is up 19.9% since 2023, and represents a monthly record. The total revenue from New Jersey’s land-based casinos is only $42.6m less than the igaming revenues.
In March, online slots generated $194.8m in igaming revenues. This represents a 19.4% increase. Internet poker revenues, on the other hand, fell 5.4%, to $2.4m.
Golden Nugget continues to be the leader of New Jersey’s igaming industry, with a monthly revenue totaling $57.1m. Resorts Digital came in second place with $48,9m ahead of Borgata’s $43.8m.
The sports betting crisis in March
In sports betting the revenue dropped 3.6%, to $89.7m. The total was still 32.7% higher than the $67.6m of February.
In terms of handle, the players bet $1.33 billion on sports in March. This is up 36.3% from last year. This total was made up of $12.6m wagered on the internet and $43.8m in retail sportsbooks.
Meadowlands has led this sector for some time now, alongside partners FanDuel and PointsBet, as well as SuperBook. Meadowlands’ revenue in March was $51.7m.
DraftKings and Resorts World ranked second again in this segment, with revenues of $24.2m. Borgata BetMGM and Resorts World placed third in this segment with revenue of $6.3m.
New Jersey’s revenue for the year to date is $1.55 billion
The total revenue of the market for the last three months, ending March 31, was $1.55bn. It is 15.7% higher than the level of 2023.
The revenue from land-based gambling is at $656.9m. Slot machines are down 0.4%, to $474.4m. Table games have increased 1.4%, to $181.8m.
The igaming industry has seen a 22.0% increase in revenue to $562.8m. The $555.7m revenue from slots, up 22.5%, is accompanied by $7.1m of poker revenues, which are down 4.6%.
Sports betting revenues are 22.0% more than in March, at $328.0m. The total amount of player spending was $4.13bn. This includes $4.00bn in online betting and $129.3m through retail.
New Jersey could be on the verge of higher gambling taxes.
New Jersey gambling operators could face an increase in tax for online gaming. Senator John McKeon introduced last week a bill that would increase the tax on online gambling and sport betting from 20% to 30%.
Online gambling and sport betting is currently taxed 15% and 13% respectively of the gross gaming revenues.
If lawmakers approved the proposal, the law would go into effect the next day after the bill was enacted, which is the 1st January.
