New Jersey Sees Huge Rise in Gambling Revenue

New Jersey saw its gambling revenue increase an impressive 119.8% year-on-year in March with growth across the sports betting, iGaming, and land-based casino segments according to figures reported by the state’s Division of Gaming Enforcement.

The total market revenue for March was $359.3 million, up from $163.5 million in March last year. However, last year’s figures were heavily hit by closures of land-based casinos and a lack of sports events due to coronavirus restrictions.

The largest growth occurred in the sports betting segment with revenues up 360.9% year-on-year to $60.8 million. A total of $859.6 million was bet on sports during the month, $780.1 million of which was online and the remaining $79.5 million was at retail sportsbooks.

The market leaders were FanDuel and PointsBet (ASX: PBH) at Meadowlands with $31.3 million in revenue, up 125.4% on the previous years. Behind them were Resorts Digital and DraftKings (NASDAQ: DKNG) at $14.1 million and then the Borgata at $6.3 million

Revenue for online gaming in March grew to $113.7 million, up 75.4% from $64.8 million in March 2020. The majority of this game from online slots, which accounted for $111 million, and the remaining $2.7 million came from peer-to-peer poker.

While the Borgata was not at the top in sports betting, it was in iGaming with $36.2 million of revenue, followed by the Golden Nugget Online Gaming (NASDAQ: GNOG), the iGaming division of the Golden Nugget casino, with $31.8 million revenue and then Resorts Digital with $21.4 million.

The land-based sector also did well with revenue up 116.3% year-on-year to $184.9 million. The state’s casinos are now operating at close to full capacity after many of the coronavirus related restrictions were lifted. Slots revenue was up 132.8% to $134.3 million while revenue from table games was also up 82.0% to $50.6 million.

For the year-to-date, total market revenue is at $993.7 million, up 32.3% from the same point in 2020, when it was $752.4 million. Sports betting revenue is up 126.1% to $189.3 million and iGaming revenue is up 81.1% to $311.2 million. However, land-based casinos revenue was down 0.5% at $493.1 million.

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