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New Jersey online casinos came about as close as they could to breaking their single-month revenue record without actually doing it in May. Even though their win for the month was only close to record-breaking, it was undoubtedly the highlight of a very strong month for New Jersey’s gambling industry.
All sources in, gaming in New Jersey recorded an increase of almost 10% from May 2022’s total. Impressive growth for most of the state’s online casino licensees fueled that improvement although another form of online gambling chipped in as well.
Online casinos soar by almost 19% in May
According to a press release from the New Jersey Division of Gaming Enforcement (NJDGE), online casino revenue in May was up 18.7% over the same month in 2022. The total of $161.4 million is just 2.4% less than the state’s single-month record of $165.7 million from March of this year.
While an increase of almost 19% is remarkable in and of itself, some individual online casinos saw their revenue grow by even greater amounts as compared to May 2022.
New Jersey online casino apps operate in partnership with Atlantic City’s land-based casinos.
The NJDGE does not separate revenue in its reports by the app operating under those licenses. However, May was another winning month for Borgata’s eight partners, which include BetMGM Casino and Borgata Casino.
While Atlantic City’s casinos enjoyed a great return from their online gambling partners in May, their revenue from in-person gaming still represented the lion’s share of May revenues.
Atlantic City casinos win $227 million in May
The NJDGE reports that the nine casinos on the boardwalk won $227.3 million in May. That figure includes wins from physical poker, slots, and table games.
That was mostly flat from the same month in 2022, representing a very slight 2.4% decline. The Borgata held its winning position in this category as well for the month, accounting for over a quarter of the total.
Bally’s and Ocean were outliers in not experiencing year-over-year declines as the other seven properties did. For Bally’s, it was a small 3.9% improvement while Ocean reported a 14.9% uptick in May.
Partially due to those performances, Atlantic City’s in-person gaming revenue is still up over 3% for the calendar year. Should that trend continue, 2023 would represent a record year for the nine casinos as a whole.
Sports betting is another segment of New Jersey’s gambling industry that could see a new record in 2023.
New Jersey sportsbooks win over 10% of bettors’ money
The NJDGE says physical and online sportsbooks in the state won more than $82.2 million in May. That amounts to 10.5% of the $778.8 million that bettors put down on sports wagers during the month.
The statewide win for sportsbooks is also a phenomenal 33.4% increase from the same month in 2022. Three of the 13 licensees (Hard Rock, Ocean, and Tropicana) more than doubled their win totals from May 2022.
Online sports betting again represented the vast majority of the activity, accounting for over 95% of the dollars wagered on sports in New Jersey in May. The improvement in sportsbooks’ bottom lines contributed to the same effect on New Jersey’s bottom line.
New Jersey collects more than $48 million in May taxes
Thus far, New Jersey has seen its total revenue figure grow by at least 9% in each month of 2023. May kept that streak alive by representing a 9.4% annual improvement and even bested April’s revenue total.
In May, the statewide sum from all licensed gaming came to $470.9 million. As a result, New Jersey stands to receive $48.8 million in tax revenue. That figure is up 11.3% from May 2022.
While New Jersey has seen better months than May 2023 in terms of gaming revenue and taxes, that gap is by no means large. In the pantheon, May 2023 now stands as one of the strongest months for the gambling industry in New Jersey to date.
