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If ever there was a month when it was appropriate for New Jersey online casinos to strut to Bill Conti’s “Gonna Fly Now,” October 2023 is it. Like Rocky Balboa running up the stairs of the Philadelphia Museum of Art, the online gambling industry in the Garden State is getting strong now.
Online casino apps’ win for October topped $166.8 million, a new single-month record for that statistic. The larger gambling industry in the state, including brick-and-mortar casinos plus sports betting, was also no lightweight during October.
New Jersey online casinos squeak out new revenue record
It’s only a new high by about seven-tenths of a percent but even a margin that small counts. March 2023’s $165.7 million had been the single-month record for online casino revenue in New Jersey. No longer, however.
Topping $166.8 million in win from online slots, table games and live dealer games is a new high for the state. It also marks the second consecutive month in which the revenue total topped $160 million.
Furthermore, it sets New Jersey online casinos firmly on pace to make 2023 their most lucrative year yet. According to the New Jersey Division of Gaming Enforcement, online casino revenue is up almost 16% year-over-year to this point. All of the state’s top five months for online casino revenue have come in 2023.
Brick-and-mortar casinos in New Jersey aren’t enjoying as much growth so far in 2023. However, they still represent the largest portion of gambling revenue in the state.
Atlantic City stays on a plateau in October
For the most part, revenue from physical casinos in Atlantic City has been flat compared to 2022. That rang true again in October as the gaming revenue total of $228.1 million was up just marginally compared to October 2022.
At the same time, land-based casino revenue is on track to nearly $3 billion for 2023. While that could fall short of 2022’s $3.3 billion, it would still best all years prior to 2022. Furthermore, it would mean that tax revenue for the state has mostly stayed consistent.
Another segment of New Jersey’s gambling industry tried to deliver a knockout punch in October. It went down swinging in that regard.
New Jersey sportsbooks post top-five revenue month
Physical and online sportsbooks across New Jersey won about $92.3 million from bettors during October. That’s now the fifth-highest single-month total for the state’s sports betting industry. The record remains November 2021’s $114.7 million.
Over the course of October’s 31 days, New Jersey bettors wagered more than $1.2 billion using licensed books. Hence, both betting activity and sportsbook win were up about 18% compared to October 2022. For 2023 through its first 10 months, sportsbooks’ revenue has increased over 10% compared to the same period in 2022.
Those numbers further substantiate 2023 as a heavyweight champion for New Jersey’s gambling industry as a whole. With all these segments combined, revenue totaled $487.1 million for October, translating to more than $50.7 million in gaming taxes.
Looking ahead, total gaming revenue is set to eclipse the $5 billion mark for 2023 in November. As Conti’s lyrics suggest, New Jersey’s gambling industry is gonna fly now.
