Online Gambling Revenues Continue to Climb in New Jersey
New Jersey has reported gaming revenues from online casinos and sportsbooks of $439.62 million in November, up 52.2% year-on-year.
Online gaming and poker in the state brought in $117.95 million in revenue during November, up 28.5%, but slightly less than the record $127 million generated during October. Revenue slowed to $3.9 million per day in November from $4.1 million in October, but it was up from $3.1 million per day in November 2020. Online casinos and poker rooms have now produced $1.2 billion in revenue for the year.
At the head of the pack was Borgata, with revenue of $33.73 million. Not far behind were Golden Nugget Online Gaming and Resorts Digital, with $31.76 million and $27.84 million, respectively.
Looking at the figures for the land industry, revenue was up 41.2% year-on-year to $206.88 million, with Borgata in the lead with $48.31 million, followed by Hard Rock at $37.29 million.
Online casinos and online sportsbooks have created a rising tide that continues to benefit both. The question ahead is how much more can online casinos grow? I don’t think they have reached their collective ceiling yet, but the growth in 2022 will most likely taper off somewhat compared with what we’ve seen over the last two years.
The state’s online and retail sportsbook took in $1.26 billion in wagers in November, the third consecutive month to see wagering of more than $1 billion. Betting volume was up 35.2% year-on-year but again fell slightly short of October’s figure of $1.3 billion. Revenue was up 127.1% year-on-year and generated $17.3 million in state and local taxes.
Danzis added, “The key to New Jersey’s consistency and its advantage over almost every other market is its ability to draw interest in such a wide variety of sports. We’ve seen over the last three years that when football and basketball converge, as they did in November, it produces a groundswell of bettor interest for sportsbooks.”