New Jersey Generates Record High Revenue from Remote Gaming and Sports Wagering in November 2023 — CasinoGamesPro.com

New Jersey Generates Record High Revenue from Remote Gaming and Sports Wagering in November 2023

New Jersey Generates Record High Revenue from Remote Gaming and Sports Wagering in November 2023The New Jersey Division of Gaming Enforcement has announced the total gaming revenue results for the state for November 2023. According to the data released last Friday, remote gambling and sports wagering have reached new record levels in the previous month, thus becoming less dependent on land-based gambling establishments.

The state’s government agency in charge of the casino, sports betting, and horse racing industry published results for the land-based casino wins, internet gaming wins, sports wagering gross revenue, and total gaming revenue.

To begin with the reported casino wins, the state’s nine casino hotel establishments reported $214.9 million for November 2023, representing a 0.2% increase as compared to $214.5 million for the same month last year. A more substantial growth of 1.8% can be seen in the year-to-date total casino wins amounting to $2.62 billion, as opposed to $2.57 billion for the previous year-to-date period.

As far as internet gaming wins for November 2023 are concerned, they totaled $171.6 million, equating to an increase of 17.4% in comparison to $146.2 million for the same period in 2022. The year-to-date totals for remote games such as slots and table games for 2023 point to $1.74 billion, or an increase of 15.4% as compared to $1.51 billion for 2022.

When it comes to the sports wagering gross revenue, filed with the Division of Gaming Enforcement, it stands at $95.9 million for November 2023 and $897.2 million for the year-to-date period. That also represents an even more substantial rise of 19.2% and 32.9% respectively, when compared to November 2022 and the previous year-to-date period.

The DGE press release also covered figures for the total gaming revenue, filed by casinos, horse racing venues, and their partners, totaling $482.4 million for November 2023. This equates to a 9.4% increase from $441.1 million as compared to November 2022. An increase of 10.5% is detected for the year-to-date results, from $4.76 billion for 2022 to $5.26 billion for 2023.

The Growing List of Online Betting Options is Reshaping the Way Some Gamble in New Jersey

The Growing List of Online Betting Options is Reshaping the Way Some Gamble in New JerseyAll in all, these figures suggest that the growing list of online betting options is reshaping the way some people approach gambling in New Jersey, where brick-and-mortar gambling establishments have long been the main source of the pastime.

Jane Bokunewicz, Faculty Director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University, commented on the state of remote gaming and sports betting in New Jersey.

According to her, remote gaming and sports betting “are filling a niche for certain gamblers”. She added that the gambling experience at land-based establishments would not be replaced by their online counterparts. She also suggested that “the current relatively flat revenues from brick-and-mortar gaming may be simply evidence of a stable market”.

The impact of the increase in remote gaming and sports betting filings by operators was yet to be evaluated, according to Jane Bokunewicz, since they shared the reported revenue with their partners. That was the reason why casino operators considered proceeds from their land-based establishments as their main source of revenue.

However, of New Jersey’s nine casinos, only Hard Rock Hotel and Casino and the Ocean Casino Resort reported more proceeds from land-based gambling in November 2023, as compared to the pre-pandemic period in November 2019.

Author: Edward Adams