Total gambling revenue in New Jersey for January reached $559.1m (£442.9m/€518.4m). This was 28.0% ahead of $436.9m in January 2023 and 7.1% higher than $522.2m in December last year.
Land-based casinos remain the primary source of gambling revenue in New Jersey. During January, revenue here stood at $205.0m, down 3.1% year-on-year.
Physical slots, traditionally one of the main money-makers in New Jersey, saw revenue slip by 5.8% to $143.0m. However, land-based table games revenue edged up 3.7% to $62.1m.
Igaming closes the land-based gap with record January
While the land-based market faltered in January, the situation in igaming could not be more different. Revenue from igaming in New Jersey reached $183.3m, up 19.9% year-on-year and a new monthly record.
Online slots accounted for $180.8m of all revenue here, a rise of 20.4%. However, revenue from internet poker slipped 8.2% to $2.5m.
Golden Nugget remains the igaming leader in New Jersey with $52.2m in revenue in January. Resorts Digital ranked second with $49.3m, then Borgata with $42.0m.
New Jersey sports betting market continue to grow
Turning to sports wagering and more records fell in January. For the month, revenue from sports betting hit a record $170.8m, up 136.1% from $72.3m.
This was driven by an all-time high spend by players. Total handle for January was $1.72bn, a 5.3% increase from last year. Online betting spend reached $1.67bn, with retail at $47.4m.
Meadowlands and partners FanDuel, PointsBet and SuperBook remain the frontrunners with $113.0m in revenue. Following in a distant second was DraftKings and Resorts World on $40.3m, then Borgata and BetMGM with $8.0m.
Could New Jersey be set for a new record in 2024?
The January results place New Jersey in a strong position to break yearly records in 2024. For the past year, the state posted all-time high figures for several areas, including total revenue of $5.78bn.
Igaming revenue here reached $1.92bn, a new record and 15.7% higher than in 2022. As for sports betting, revenue also hit a new yearly high of $1.01bn, up 31.9% from 2022 and the first time the state surpassed the $1.00bn mark.
Original article: https://igamingbusiness.com/finance/new-jersey-smashes-gambling-revenue-records-in-january/
