“You Ain’t Seen Nothin’ Yet” might not be a triumph of grammar. For the band Bachman Turner Overdrive, it was undoubtedly their greatest commercial success. New Jersey online casinos could be reprising the song’s name in the wake of their September revenue.
Online casino apps in New Jersey came within $2 million of having their best month ever in terms of revenue during September. For the larger gambling industry in the state, the month took hearts away as well.
New Jersey online casinos rake over $163 million
In September, New Jersey online casinos looked at players with big, brown eyes and nearly defied all expectations. To date, only March’s revenue total ($165.7 million) stands higher than September’s in the state.
As is obvious, September’s win also amounts to a 21.1% improvement on September 2022’s haul. September powered New Jersey’s online casino revenue for the calendar year to a 15.4% increase compared to the first nine months of 2022 as well.
When the New Jersey Division of Gaming Enforcement (NJDGE) releases its post-mortem 2023 in January, it will likely show that 2023 was the best year for online casinos in the state so far. That might not be the case for brick-and-mortar casinos in New Jersey, though.
Physical casinos continue on flat path
For Atlantic City casinos, September suggested that any love is good lovin’. The casinos again took what they could get as their revenue was mostly unchanged from September 2022. That goes for 2023’s running total as well.
While marginal annual growth is something that many businesses would accept, David Danzis of PlayNJ has done a fantastic job of explaining why only marginal growth is a problem for land-based casinos. Danzis points to the difference between profit and revenue among his insights.
Furthermore, while gambling isn’t casinos’ only source of revenue, it’s their most lucrative by far. So far this year, the amount of money that people are gambling continues to dwindle. September lived up to its reputation for sports betting in New Jersey, however.
NJ sportsbooks post September record
While online casinos in New Jersey only flirted with record revenue, sportsbooks had a month that they’re never going to forget. According to the NJDGE, their win grew by 13.4% year-over-year.
That also makes September 2023 the best such month to date in the state for sportsbook operators.
September’s win also continues what has been a very strong calendar year for New Jersey sportsbooks. Compared to the first nine months of 2022, their revenue is up 37.2%. Thanks in part to the return of the NFL’s regular season, September 2023 set a new high in another way.
Total revenue from all three of these verticals; online casinos, physical casinos, and sportsbooks makes September 2023 the best such month in New Jersey history. So far, anyway. If Atlantic City casinos can figure out how to produce real growth, New Jersey’s gambling industry may be able to truly say you ain’t seen nothin’ yet in the future.