New Jersey igaming revenue reaches record high

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New Jersey has revealed that igaming revenue smashed records in January while sports betting revenue and handle also reached new monthly records.

According to the New Jersey Division of Gaming Enforcement, total gambling revenue hit $559.1m which is an increase of 28% compared to revenue of $436.1m year-on-year.

Land-based casino revenue contributed the greatest amount to the total gambling revenue despite the fact that casino revenue decreased by 3.1% compared to January 2023. Total revenue was $205m down from $211.7m in January 2023. 

This drop was driven by a fall in revenue generated from physical slots which decreased 5.8% year-on-year to $143m. Land-based table game revenue did see a slight increase, 3.8% year-on-year, however this was not enough to prevent the slip in revenue.

In comparison, casinos and their partners reported an igaming win of $183.3m which is a new monthly record. This is an increase of 19.9% compared to the $152.9m reported in January 2023.

While revenue in physical slots fell 8.2% year-on-year, online slot revenue represented the majority of revenue made by casinos and their partners. They had a total win of $180.8m which is a 20.4% increase compared to the $150.2m revenue reported in January 2023. 

Golden Nugget edged out Resorts Digital and Borgata to top spot with a $52.2m win. Resorts Digital and Borgata had wins of $49.3m and $40.8m respectively while no other operator reported an igaming win of over $8.5m. 

Sports wagering figures also eclipsed the previous January’s figures. Operators reported revenue of $170.8m (72.3m in January 2023) which is a 136.1% year-on-year increase.

Meadowlands and partners FanDuel, PointsBet and SuperBook led the way with $113m in revenue, followed by DraftKings and Resorts World with $40.3m and Borgata and BetMGM in third with $8m respectively. 

Sportsbooks opened the year with a handle of $1.7bn, comprising $1.67bn in online bets and approximately $47.m in retail bets. Hold rate for operators was 10.1%.

These figures follow the news that $141.6m was wagered on Super Bowl LVIII which was a 30% increase compared to the previous year. Sports betting operators ended the weekend with a win of $8.5m on the game.