The New Jersey iGaming industry is entering its 10th year and has enjoyed amazing success. Over the years online casinos, mobile platforms, and online sportsbooks have generated a huge amount of revenue, making New Jersey the top state in the country for online gambling. The state has surpassed $5 billion in total revenue, much generated from big industry names like Borgata, Harrah’s, DraftKings, and Caesars.
The success of online sports betting and online gambling go hand in hand. Many sites have both platforms available for members. This means you can switch between playing top casino games and placing bets on popular sporting events with ease. By using a single account, members can enjoy a complete world of online gambling. Many factors have contributed to the increased revenue and have driven the growth of the NJ market. The ease of access, trusted brands, and great bonuses have all contributed to the success of the New Jersey industry.
Gaming That is Increasing Revenue
There are many types of games that are offered at New Jersey online casinos and certain games are responsible for generating top revenue. Casino gaming and online betting have brought in a significant amount of money and other types of gaming that have helped New Jersey include horse racing, online gambling with bonuses including promo code offers and lotteries.
The internet gaming revenue in September 2022 was $135.2 million. This shows a 10% growth from last year. As for sports betting revenue, the state has enjoyed a consistent increase. In September 2022, gross revenue was $98 million for that month alone. This is an 18.9% increase from the year before. In 2022, New Jersey has earned $516.9 million from sports betting.
Online slots play a huge role in generating revenue for the state. These games can earn 50% or more due to the higher house edge. With each online casino having hundreds of slots, it is easy to see why these games are essential to the industry in New Jersey.
Casino Records Set
Casino and sports betting in New Jersey generated $220.6 million. Online gaming revenue increased by 16% and the Division of Gaming Enforcement has reported that online casino revenue for October 2022 was $147.2 million. This exceeded the record that was set in March 2022, where revenue was $140.6 million. This figure shows an 8% increase from the past month as well as a 15.9% increase from October 2021.
As for individually operating online casinos in the state of New Jersey, those that have generated the largest amount of revenue include Borgata/BetMGM, Golden Nugget, and Resorts. These casino sites continue to attract NJ gamblers. The gross gaming revenue in October 2022 for these sites are:
Borgata/BetMGM – $38.3 million
Golden Nugget – $34.3 million
Resorts – $29.2 million
It is expected that the iGaming market in New Jersey will exceed $90 billion in 2023. The industry is always expanding and with new sites entering the market, new technology, and the latest games, players continue to play for real money at leading operating sites in teg state.