Since its inception on November 25, 2013, New Jersey Online Casinos have experienced an impressive surge in revenue. The industry has surpassed land-based revenue. Accumulating a lifetime revenue exceeding $6.1 billion. Which includes the most recent figures from April. Additionally, the state has collected over $1 billion in taxes from this thriving sector. The online casino market in New Jersey shows no signs of deceleration. And it is poised to achieve a significant 10-year milestone later this year. This remarkable growth solidifies its position as a dominant player in the online gambling industry. And underscores its substantial contribution to the state’s economy.
New Jersey Online Casinos
The latest report from the Division of Gaming Enforcement (DGE) unveils that NJ Online Casinos, including Borgata, Resorts Digital, Golden Nugget, Caesars Interactive NJ, Hard Rock, Tropicana, Ocean Casino, and Bally’s, collectively accumulated $158.936 million in April. Borgata led the pack with $43.18 million, followed by Resorts Digital with $41.69 million. And Golden Nugget with $41.65 million, surpassing Caesars Interactive NJ’s internet gaming win of $8.72 million. Despite April’s revenue falling short by approximately $7 million compared to the previous month’s record of $165.7 million, it still secured the second-highest position in New Jersey’s online gambling revenue history. Additionally, there was a remarkable 16.1 percent increase in online gambling revenue in April 2023 compared to the previous year. The DGE report states that online casinos have generated $620.1 million year-to-date. Representing a 13.7 percent year-over-year increase compared to the $545.4 million reported during the same period in 2022.
COVID Boost: Impacts on New Jersey’s Online Casinos Market
The COVID-19 pandemic played a significant role in boosting the online casino market in New Jersey. When Democratic Governor Phil Murphy ordered the closure of all nine Atlantic City casinos on March 16, 2020, it had a substantial impact. According to the American Gaming Association (AGA), these closures resulted in a monthly loss of approximately $540 million in “casino-related revenues” for the state.
Before the closure of brick-and-mortar casinos in February 2020, internet gaming generated $52 million. However, by April of that same year, it surged to $79.9 million, and just one month later, it reached $86 million. Since then, monthly revenue from digital gaming has consistently remained above $80 million, except in February 2021. In January 2021, the market segment even surpassed the significant milestone of $100 million. It’s worth noting that February’s revenue dipped below the $150 million mark, reporting $142.6 million for the 28-day month.
2023 State of New Jersey: Rise of Internet Gaming Revenue
The 2023 State of the States Report highlights the remarkable growth and resilience of the internet gaming industry. Not only in New Jersey but across the United States. Despite the ongoing effects of the COVID-19 pandemic, both traditional gaming and iGaming have experienced substantial success. The data reveals that iGaming revenue in Q1 2023 reached an impressive $1.48 billion, reflecting a remarkable 22.7 percent year-over-year increase.
This growth in internet gaming revenue showcases consumers’ evolving preferences, who have increasingly turned to online platforms for their gaming and entertainment needs. The convenience, accessibility, and immersive experience offered by online casinos have captivated a broad audience, contributing to the sector’s robust expansion.