There is good and bad news about NJ sports betting and casino revenues in 2023. The state’s gambling sportsbook and casino operators set a record by winning almost $5.8 billion during the year, an eleven percent increase from 2022.
Unfortunately, the news was not so bright for the nine casinos in Atlantic City. Even after accounting for the COVID-19 outbreak, two-thirds of these establishments still lose money from in-person gamblers.
According to data from the New Jersey Division of Gaming Enforcement, the state’s casinos, three sports-betting horse racetrack, and their internet partners earned $5.77 billion in 2017. Based on gambling and sports news outlet reports, this exceeded the previous record set in 2006 and was equaled in 2017.
NJ Sports Betting and Casino Revenues
However, just 50% of that total came from the casinos’ primary source of revenue: winnings made while playing at the casinos. The casinos do not retain all the money obtained by online gambling and sports betting; a portion goes to other entities, such as tech platforms and sports books. According to pay per head sportsbook experts, in-person winnings remained the core business of casinos in the state.
Not to mention that six out of nine casinos had less-than-stellar 2023 business. Only three casinos saw increased revenue from in-person gambling in 2019: Hard Rock, Ocean, and Borgata. With the help of the three newest casinos, the 2.8 billion won wagered by in-person gamblers exceeded 2019 levels.
However, according to James Plousis, chairman of the New Jersey Casino Control Commission, the most recent numbers still provide plenty of cause for optimism. He highlighted that in-person casino profits reached a 10-year high, online gambling income broke the record set in 2022 by over 15%, and revenue from people who bet on sports reached a new annual high.
Experts attribute the increase in revenue to new gaming products in New Jersey, which led to the record-setting total revenue performance.
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