New Jersey Online Gambling Hits Record $197m Revenue in March
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The New Jersey Division of Gaming Enforcement has announced that the online gambling industry in the state generated more than $197 million in gross gaming revenues in March 2024 to set a new monthly record. The amount won by online casino facilities reportedly originates from the strong total of more than $526 million won by the New Jersey gambling industry in March, representing an 8.1% year-over-year increase.
Online Gaming Strikes $197m Record:
As reported by the Associated Press (AP), online gaming operations, including online arms of nine Atlantic City land-based casinos, reported the $197 million monthly revenue to exceed the January result by around 8% and post another record since online gambling was legalized in the state of New Jersey in 2018.
5% y-o-y Stronger Gaming Operations:
The overall March gambling revenue of $526 million reportedly includes $239 million collectively won by the nine casino properties to report a 5% increase over the same month of 2023. Finally, the strong gambling activity in the state was mirrored by the sports wagering handle reaching almost $1.33 billion in the given month. As reported, such an activity was mainly due to the NCAA March Madness championship taking place in March.
However, AP reports that in-person casino revenue continues to stagger around lower levels than before 2019, with only two casinos exceeding the pre-COVID levels. Indeed, the March in-person casino win of $239m represents around 45 % of the total gambling industry revenue in March 2024.
Flat In-Person Figures:
Land-based operations are reportedly also generating the remaining 55% monthly win through the respective gaming, sports betting, and horse racing operations. But casinos and tracks have to share these winnings with external parties and kept around $90m from sports betting, according to AP.
As reported by the same source, casinos and horse tracks are more concerned about in-person operations as they keep these winnings for themselves. Land-based facilities also include operating, maintenance, staff, and other costs typically much higher than those online operators handle.
Recent Land-Based Growth:
For this reason, relatively flat February 2024 in-person revenue figures and visitor counthave recently urged Atlantic City casino representatives to request actions from state authorities to foster the city’s economy.
Meanwhile, the latest figures released from the New Jersey Division of Gaming Enforcement on 16 April 2024 testify that the in-person casino revenue rose from $211.6m in February to $239m in March 2024, for an 11.5% growth.
11% Growth in Q1 2024:
Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, reportedly said that the overall gambling operations had seen a solid start in 2024. As reported by AP, the industry’s overall revenue for the first quarter of 2024 increased 11% over the same period in 2023.
March Revenue Distribution:
The gambling operators in New Jersey generated $ 526 million from in-person, internet, and sports wagering operations in March 2024. According to AP, the total win was split as follows:
- Borgata won $106.6 million, down 6.1% from a year earlier;
- Golden Nugget won $70.6 million, up 28.2%;
- Hard Rock won $58.3 million, up 17.2%;
- Ocean won nearly $48 million, up over 21%;
- Tropicana won $36 million, up 11.5%.
- Harrah’s won $22.2 million, up 8%;
- Bally’s won $20.9 million, up 20.6%;
- Caesars won $18.7 million, up 10.2%, and Caesars Interactive NJ won $6.4 million, down 23%.
- Resorts won $13.6 million, up 8.4%. Resorts Digital, the casino’s online extension, won $66.4 million, down 11%.
