Casinos and sports wagering operators in New Jersey, along with their online allies, brought in a staggering $5.8 billion in the past year. This figure sets a new record, as reported on January 16. The numbers also indicate an 11% increase from the previous year.
Despite these impressive figures, profits from in-person gamblers have taken a hit compared to pre-COVID-19 levels. However, this isn’t the case for all of Atlantic City’s 9 casinos, as two-thirds of them are still making less money from in-person players than they did before the pandemic.
According to the New Jersey Division of Gaming Enforcement, the combined earnings from the 3 horse tracks that offer sports wagering, their online counterparts, and the casinos amounted to $5.77 billion in 2023. This surpasses the previous state record of $5.2 billion set in 2006 and matched last year. However, only half of that income stems from the “casinos’ core business,” or the profits made at their physical premises. The remaining income comes from sports wagering and internet gambling, which is shared with other entities.
In 2023, six of the 9 casinos saw a decline in earnings from in-person players. Only three casinos, namely Hard Rock, Borgata, and Ocean, managed to surpass their 2019 levels, before the pandemic.
While in-person earnings have experienced a decline, sports betting and internet gambling have emerged as significant contributors to total revenue performance in 2023. New Jersey Casino Control Commission Chairman James Plousis emphasized the positive aspects of the newest data. He noted that in-person casino earnings were the highest in a decade, sports betting income had set an annual record, and internet gambling profits had exceeded the 2022 record by over 15%.
Director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, highlighted the role of sports betting and internet gaming in driving the record-setting overall income. She stated that these new gaming products accounted for almost 46% of the overall gaming income for 2023.
Overall, the performance of sports wagering and internet gambling contributed to a total revenue of more than $1.9 billion in 2023, marking a nearly 16% increase from the previous year. A few casinos saw significant growth, such as Ocean, which reported an increase of 21.4%, and Bally’s, which experienced an increase of 20.7%. Conversely, Caesars Interactive Entertainment NJ saw a decrease of 20.7% in earnings.