New Jersey gaming revenue hits $487.1m, sports betting up 18%

November 20, 2023

Though iGaming made $166.8m and increased by 13.3%, sports betting has seen the most significant increase and reached $92.3m.

The New Jersey Division of Gaming Enforcement has released its October financial results, showing a 9.3% yearly increase to $487.1m (neighboring Pennsylvania has reported a similar October total of $483m). Year to date, the Garden State has made $4.8bn, a 10.6% increase from this period in 2022.

Year-on-year, total gaming revenue in New Jersey has increased for the last six months between $25.5m and $60.9m.

Land-based casinos generated the most revenue, with $228.1m (up 3.4% annually), coming from just over $163m made by slots (down 1.9%) and $65.1m made by table games (up 19.7%).

The casinos that brought in the most revenue were: the Borgata with $56.9m (down 8.9% year-on-year), Ocean Casino with $43.4m (up 53.3%) and Hard Rock Atlantic City with $41.2m (up 5.8%).

The state’s iGaming win reached $166.8m, or 2.3% more than land-based slot machines made. This figure is up 13.3% year-on-year and represented 34% of the state’s total gaming revenue this October. Pennsylvania also saw iGaming increase to represent around 32% of its October gaming revenue total.

Sports wagering brought in $92.3m, up 18% and much higher when compared to Pennsylvania’s $48.2m October sports wagering revenue. The operator with the highest sports wagering revenue was Meadowlands Racetrack (FanDuel) with $60.2m, followed by Resorts Digital with $15.3m and the Borgata (BetMGM) with $7.8m.

Handle in the Garden State reached $1.3bn total, with $1.2bn online and $56.3m at retail locations. The sport with the highest handle year to date is basketball with $1.97bn, which has made a year-to-date win of $73.8m. Baseball, however, has the highest year-to-date win of $121.5m and a year-to-date handle of $1.6bn.

Year to date, iGaming has made $1.6bn (an annual increase of 15.1%) while casinos have brought in $2.4bn (an annual increase of only 1.9% by comparison). Sports wagering has seen the largest overall year-to-date increase of 34.7% to $801.3m.


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