If not for a momentary lull in February, New Jersey online casinos would be on quite a winning streak. At the same time, the revenue numbers for the state’s eight real-money online casino licensees are still impressive.
Those eight license-holders have now won at least $150 million from players in four of the past five months, including April. Their performances are keeping New Jersey’s broader gaming industry on pace for a record year.
New Jersey online casinos win almost $159 million in April
According to the latest news release from the New Jersey Division of Gambling Enforcement, April saw online casinos in the state win $158.9 million. That’s down from March’s single-month state record of $166 million but still the second-highest monthly total in New Jersey history.
That $158.9 million also represents an impressive 16.1% increase from April 2022. Furthermore, February is the only outlier among the past five months in New Jersey in terms of online casinos claiming at least $150 million in revenue.
In terms of streaks, the Borgata’s online casino partners have maintained theirs in New Jersey. The 11 brands that operate under the Borgata’s license, including BetMGM Casino, have been the market leaders for more than two years. In April, they led again by amassing $43.1 million in revenue.
Despite the popularity of New Jersey’s online casinos, there is no reason to be concerned about the nine physical casinos in the state. They are doing just fine.
Atlantic City casinos are still thriving
The properties on Atlantic City’s boardwalk didn’t see their monthly revenue grow by 16% year-over-year in April. However, they are far more established than online casinos in the state. Additionally, they still represent the vast majority of gaming revenue in New Jersey.
In April, the nine casinos won $231.5 million from players. That is a very slight decrease of 1.6% compared to April 2022. That represented exactly half of the statewide gaming revenue from casinos and sports betting.
The Atlantic City casinos are still up more than 4% in terms of their revenue for the calendar year through April as compared to 2022, too.
The Golden Nugget and Ocean Casino did see year-over-year improvements in April. In terms of Ocean’s revenue, that growth amounted to a 23.4% difference. Should the casinos maintain their 4% growth or even build upon it later this year, they’ll set a new record.
Physical and online sportsbooks saw the greatest annual improvement. Their contributions helped make April a net gain for New Jersey’s tax revenue.
Sports betting win jumps by more than 40%
New Jersey’s numerous land-based and Internet sportsbooks won $72.3 million in April. That sum is 43.6% higher than the amount of money won from bettors in April 2022. Bettors wagered more than $833.9 million in New Jersey during April.
Thus, sportsbooks posted a win percentage of 8.6% during the month. That helped casinos and sportsbooks post a grand total of $462.7 million in revenue for April, up 9.5% year-over-year. As a result, New Jersey collected $47.5 million in taxes for the month.
Whether New Jersey’s gambling industry will maintain that 9% growth over the rest of the year is uncertain. However, another $150 million month in May for the state’s online casinos would go a long way toward that goal.