A Promising Outlook for The Garden State: Gambling Revenue Growth Shows No Signs of Slowing Down

Richard MaxwellOctober 27, 2022

22 4 minutes read

In September, New Jersey’s gambling revenue climbed for the second consecutive month, and the US state also recorded year-over-year increases in virtually all markets.

Gaming revenue as a whole came to $485.0 million for the month, up 3.0% from the $470.7 million reported in August and also 6.9% more than the $453.6 million reported in September 2021.

Table Games and Poker Revenue Fell

Revenue from land-based casinos increased marginally by 1.3% year over year to $251.7 million. Income from slots went up by 2.5% to $186.5 million. However, table game revenue decreased by 1.9% to $65.3 million.

Online slot machine income grew by 10.7% to $133 million, contributing to a 10.3% growth in online casino revenue from $122.6 million to $135.2 million. Peer-to-peer internet poker revenue, on the other hand, decreased 8.7% to $2.3m, making it one of just two market segments to do so, along with land-based table games.

The Borgata Raised the Highest Revenue

With $41.1 million in revenue for September, The Borgata was the industry leader in online gambling. Golden Nugget was slightly ahead of Resorts Digital in second place with $34.18 million, at $34.19 million.

When it comes to sports betting, despite a 14.2% handling reduction from $1.01 billion in September 2021 to $866.7 billion this year, revenue was 18.9% higher year over year at $98.0 million. Online wagers totaled $807.8 million, while retail wagers came in at $7.1 million.

The Sports Betting Segment is Still Led by FanDuel and DraftKings

With $46.6 million in revenue, Meadowlands and FanDuel continued to dominate the sports betting industry. Resorts Digital, which has agreements with DraftKings and Flutter’s FoxBet, came in second with $22.4 million. Third with $10.0 million was The Borgata.

Comparing Year to Date Performance

When comparing year-to-date results, the overall market revenue for the nine months ending in September was $3.87 billion, an increase of 12.3% from $3.44 million at the same time previous year.

While iGaming income increased 23.2% to $1.22 billion and land-based casino revenue increased 12.5% to $2.13 billion, sports betting revenue decreased 7.3% to $516.9 million.

Bonuses Offered by Online Casinos Accelerate Growth

An upward trend can also be observed in the online casino sector, where an increase of 10.3% has been noted, with the previous figure of $122.6m rising to $135.2m, further spurred by a 10.7% hike in online slots profits of $133m. These ever-increasing numbers should certainly come as no surprise. With so many sought-after promotions like $200 no deposit bonuses or free spins, the positive results like these were bound to be recorded.

A Quick Recap of the History of Legal Online Gambling in NJ

Over the past five years, there have been a number of significant changes in New Jersey’s history regarding online gambling. Examining each key event that occurred since the state’s online casinos and poker rooms went live in 2013 is necessary to determine the actual trajectory of the sector.

A number of legislations combined to limit online gambling in New Jersey, these included:

The Federal Wire Act was passed on September 13, 1961.

The Unlawful Internet Gambling Enforcement Act was passed on October 13th, 2006 (UIGEA).

These rules prohibited firms from accepting payment in conjunction with internet betting. Lotteries were not listed, and fantasy sports and skill games were deliberately left out of the UIGEA.

In 2013, New Jersey Governor Chris Christie passes legislation A2578/S1565 granting licenses to internet gambling companies affiliated with already-existing brick-and-mortar casinos in Atlantic City. Since 2010, the state legislature has been seeking to pass the law, but the governor has opposed it and vetoed it repeatedly until enough adjustments were made, such as a 15% tax on all online gambling income (brick and mortar casinos pay 8%).

And thus, regulated online gambling began in New Jersey.

New Jersey Online Gambling FAQs

Below are a handful of the most frequently asked questions. So before contributing to an already lucrative sector, you may want to get a bit more informed.

What New Jersey laws apply to internet gambling?

Section 2 of the New Jersey State Statutes addresses gambling. The legislation is hardly onerous when dealing with lone players; instead, it is focused on closing down illicit gaming businesses.

Is it okay for me to play at an offshore online game provider not located in NJ?

Residents of New Jersey are free to participate in the state’s legalized casinos, sportsbooks, and poker rooms. However, being a player in an unauthorized game is not a crime in the state, thus gambling on offshore iGaming sites is likewise entirely lawful. However, we firmly recommend sticking to safe, licensed, and controlled by NJ DGE online gaming companies that are legal in NJ.

What are the most widely used financial services that New Jersey-facing websites support?

Local sites have more banking alternatives than offshore operators do, but Visa or MasterCard credit cards are the best option for both sorts of sites. Withdrawals are a little bit trickier since KYC verification processes are involved, but in general, most websites let you withdraw money back to the same payment method that was used for making a deposit. If that payment option is not supported for withdrawals, you may choose from the alternatives supported the site.