New Jersey iGaming Market Sets New Revenue High in March

The online gambling industry in New Jersey is doing quite well, with March revenue totals showing yet another record-setting month. The previous record for NJ casino online services was set in January with just over $152 million in earnings. For March 2023, that total was shattered by almost $13 million when the state generated $165.7 million in revenues.

The New Jersey Division of Gaming Enforcement just revealed the March totals, showing an 8.4% higher total than the January record. Year over year, the state was able to see a more than 17% boost, with online gambling thus far contributing over $461 million to the state in the first quarter. The increase in year over year from 2022 is 12.9%.

March was the 25th month in a row that online gambling in the state hit over $100 million. Considering all gambling earnings in New Jersey, the iGaming sector contributed 38% of the total earnings.

This was well over the pre-pandemic totals from March 2019, when online gambling only contributed just over 14%. The state received almost $25 million in tax payments from the March earnings. So far, the state has offered up over $69 million to the state. This is far more than the land-based casinos have paid by over $20 million.

In New Jersey, the gaming regulators do not separate the earnings of individual providers. Instead, revenues are broken down based on the license holder. This still gives us insight into how the brands are doing and who is holding strong as a top operator in the state.

Resorts Digital showed the largest year-over-year increase and monthly earnings. The license holder reported over $44.8 million in earnings, a boost of over 45%. Online poker brought in just under $1 million, while table games and slots produced the remaining $43.9 million. Under this umbrella, we have Barstool, DraftKings, PokerStars, Mohegan Sun Casino, and Resorts Casino.

The Borgata Hotel Casino & Spa license saw just under $44 million in earnings, with over $43 million coming from slots and table games. Operators under this license include BetMGM, Borgata, Party Casino and Poker, Pala Casino, and Wheel of Fortune Casino.

Golden Nugget comes in next, with Betway, BetRivers, Stardust, and Golden Nugget operating under its license. The company saw $42.7 million in March earnings from slots and table games. Bally’s was up considerably with its totals, earning $6.7 million. This was a jump of over 274% from last year’s $1.8 million.

Hard Rock, Ocean Casino, Caesars, and Tropicana are rounding out the list. Hard Rock earned $6.8 million, a yearly increase of over 19%. Ocean saw a boost, too, bringing in $4.6 million. Caesars was unfortunately down, dropping over 15% with $8.4 million in earnings. Tropicana saw an even larger loss at more than 26%, with only $7.6 million in earnings.

It is unclear as to why Caesars is seeing such a huge blow to its player traffic and earnings. It could be just the time period or that players prefer other brands.

If the online casino operators continue their trend of revenues for the remainder of the year as they have thus far, we could see a huge record-breaking year for NJ casinos. So far, operators have generated over $100 million in earnings per month for more than two years. The trend does not appear to be slowing down, and each month seems to be better than the rest.

It will be interesting to see once 2023 is over just how much the NJ gaming market has grown and how revenues have impacted the state. The market continues to be a leader in the US and one that shows other states how to set up a successful iGaming industry.