New Jersey Ends 2023 with Major Sports Betting Year

01/26/2024
Industry
Online Casino New Jersey

Highlights

  • 2023 resulted in almost $12 billion in wagers.
  • Sportsbooks earned over $1 billion in revenues for the year.
  • Around $128 million was paid in taxes.

New Jersey casinos offer players a wide range of service options for wagering, including sports betting. Players can visit physical sportsbooks and log online to bet on their favorite teams, with plenty of varying odds and markets to pick from. For 2023, the yearly totals are from the Division of Gaming Enforcement, showing that sports betting generated almost $12 billion wagers. It was a record year, with four months showing over $1 billion in bets!  

Huge December Handle  

In December, the state saw $1.28 billion in wagers. This was the third straight month that sports betting apps in the state generated over $1 billion. Sports betting was booming from September to December, most likely due to the football season.

For the year, the sportsbooks generated over $1 billion in revenue. The state was able to collect $128.9 million in taxes. Revenues for December came in at $109.4 million. This was the third-highest total in the history of the industry.

Land-based sportsbooks generated just over $52 million in earnings, with another $57 million brought in by racetracks. For 2023, the total amount of revenues from sports betting came in at $471.7 million. Racetracks saw a bit more at $534 million.

Individual Earning Breakdown Based on License Holder 

The state provides totals based on the license holder, so you won’t know how much each operator earned. However, we can see what operators could do as a group. Meadowlands Racetrack works with FanDuel and PointsBet, and they ended the year with $51.1 million in earnings. The total is massive and well above the other operators in the state.  

Borgata works with BetMGM, bringing in $7.1 million while Hard Rock Atlantic City generated $4.1 million with Hard Rock Bet, Unibet, and bet365. Tropicana worked with Caesars and brought in $4.1 million as well.  

Under the Freehold license, we have ESPN Bet, PlayUp, and betParx. These operators were able to generate $3.3 million. Monmouth Park has a partnership with Caesars and BetRivers, bringing in just over $2.5 million for the month.  

Retail sports betting operators are taxed at 8.5%, with $3.3 million in earnings generated. Online and mobile services are taxed at 13%, with $125.6 million provided.  

It is expected that online sportsbooks and their land-based partners will have just as successful a year in 2024. Based on the initial financial reporting, we shall see if that is true in the coming months.  

Online Casinos End 2023 with All-Time Monthly High  

While online sports betting fared well, so did online casino earnings. The New Jersey online casino operators raised $180.3 million in December, setting a new monthly record. The casinos earned 19% more than in 2022, with the industry bringing over $1.9 billion to the state for the year.

Overall, online casino sites are booming with business. Players are logging on now more than ever before to take advantage of slots and table games. Last year, the state celebrated its 10th anniversary, having first started offering online casino services in 2013.

Over $7.4 billion in revenues have been generated in its first ten years of operation. More than $1 billion in tax payments were made to the state, benefiting many programs. Online gambling holds a large market share, with 2023 providing more than 49% of the total revenues for the state.

The online casino industry is expected to carry on its earnings streak into January 2024 and beyond. The first report for 2024 will be issued early next month, and we shall see how it compares to 2023. Operators continue to make great strides with services to ensure that players have access to quality games and promotions for an exclusive online experience.

Having started in 2005 as an online writer, Sadonna has focused on the online gambling industry, with a keen knowledge of various subjects. Sadonna has followed the growing US-based gambling industry for decades, covering all the legal changes in the nation as well as information on land-based and online casinos. She enjoys updating fellow gamblers on new games, casino bonuses, and additional information for premium gaming services. In her spare time, Sadonna loves spending time with her family and singing on Smule. Sadonna hopes to continue working in the online gambling industry and building quality articles for players to learn more about the US market.