New Jersey gambling industry reports substantial growth in October 2023 powered by operators like Borgata
The monthly revenue report released by New Jersey’s Division of Gaming Enforcement (NJDGE) revealed that the state’s gambling industry saw significant growth in October 2023. The total market revenue for the month reached $487.1 million, reflecting a year-on-year increase of 9.3% or $41.4 million compared with October of the previous year.
The NJDGE’s report summarizes the revenue sources contributing to this growth, revealing that internet gaming activities and sports betting segments predominantly drove the increase in revenue for October 2023.
The online gaming sector witnessed a 13.4% surge in revenue from authorized online games like slots. An analysis of the market revenue generated revealed Golden Nugget casino as the top earner in NJ, collecting $49.4 million in revenue. At the same time, Resorts Digital and Borgata Casino secured second and third place positions, respectively.
Looking at the sports betting sector, New Jersey witnessed revenue increases of 18.4% compared to last year, amounting to $92.3 million in October 2023 compared to $77.9 million in October 2022.
In October 2023, players placed sports wagers worth $1.29 billion, a rise of 21.7% from October 2022. Online sports betting dominated the majority of this action, with $1.24 billion of the total wagers placed online. Meanwhile, retail sports bets totaled $56.3 million.
Meadowlands reclaimed its spot at the top of revenue brought in by an operator, with revenue of $60.2 million brought in by the racetrack and its online skins FanDuel, PointsBet, and SuperBook. DraftKings and Resorts World came in second, followed by BetMGM and Borgata in third place.
Land-based casinos face mixed fortunes when compared to the rest of the gambling industry in New Jersey. While land-based table games have seen significant revenue growth, rising by 19.7% to $65.1 million, physical slot machines have experienced a 1.9% year-on-year decline in revenue.
