The New Jersey online casino industry shows no signs of slowing down as it inches closer to a 10-year milestone later this year. Including figures from September, NJ online casinos have recently eclipsed $6 billion in lifetime earnings.
Online casinos in New Jersey generated just under $158.9 million in April, according to data released Tuesday by the state Division of Gaming Enforcement. April’s total fell short of March’s record-setting $165.6 million, but it’s still good enough for the second-most in the state’s history.
Compared to September 2022, last month’s online gambling revenue is up 16.1%. Year-to-date, online casinos have generated $620.1 million, a year-over-year increase of 13.7%.
New Jersey was the first state to legalize online casinos in November 2013. Since then, internet casinos have generated over $6.1 billion in revenue and more than $1 billion in taxes.
Here are three key takeaways from April’s revenue figures:
NJ casinos market even now soaring right from COVID supercharge
It’ ring been well-established that COVID-19 and the resulting business closures and lockdown orders have been like explode fuel with the online casino community in NJ-NEW JERSEY.
Before Ocean City’ ring nine internet casinos closed in Walk 2020, typically the high-water spot for every month revenue from online casinos appeared to be $55 zillion. It was seventy-nine dollars. 9 zillion by September, and it’ s for no reason dipped underneath $80 zillion since.
Nevertheless the growth of internet gambling did not go down when land-based casinos reopened. The latest volumes drive residence the point.
Considering the fact that January 2021, online casino earnings in NJ-NEW JERSEY has topped $265.21 million each and every month, except for January 2021.
Throughout three for the four several months this year, casinos revenue is at the top of $150 zillion. Only January (28 days) was under the threshold by $142. 6th million.
NJ-NEW JERSEY pols have not met some sort of tax that they didn’ testosterone like
Almost no people are more excited about the rise of online casinos in New Jersey than the state’s politicians. More online gambling revenue equals more money for Trenton officials to spend.
Moreover, casino revenue is taxed at a higher rate (15%) compared to AC’s casino slots and table games (8%), sports betting (8.5%), and online sports betting (13%).
Last month, taxes from online casinos accounted for over 49% of all gambling-related taxes statewide.
In the first four months of 2023, online casinos have contributed $93 million to state coffers, while the other gambling segments have combined for $94 million in taxes.
Via the internet taking a greater slice involving NJ wagering pie… nonetheless there’ ring no cannibalization here, individuals
While casino revenue has been trending upwards for years, land-based gambling earnings in AC has yet to recover from 2020. As a result, online revenue currently accounts for a significantly larger percentage of the statewide total.
In 2019, the year before COVID, online gambling made up less than 14% of AC’s gross gaming revenue. AC casinos were responsible for 77%, and sports betting accounted for the remaining 8.5%. Due to COVID, the online casinos’ share rose by 20% (34%) in 2020.
As of the end of 2021, AC’s slots (39.6%) performed better than online (28.9%), while table games (14.3%) fell behind. Last year, the breakdown was as follows: slots (40.4%), online (29.6%), table games (14.7%), and sports (15%).
In April 2023, online casinos accounted for 38% of the monthly reported total. The same percentage applies to the online casinos’ share for the year-to-date.
John Danzis is the lead writer for PlayNJ. He is a New Jersey native and a proud graduate of Rutgers University. With a background as a newspaper reporter for the New Jersey Herald and Press of Ocean City, John has earned statewide awards for his coverage of politics, government, education, sports, and business. Currently, he serves as PlayNJ’s Ocean City “insider” and an expert in casinos, gambling, and online gaming. John resides in Mays Landing with his wife and twins. When he’s not at the beach, on the golf course, or snowboarding, he enjoys cheering for his favorite New York sports teams—the Yankees, Jets, Rangers, and Knicks.
