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New Jersey Gaming Industry Reports Growth Across Casino, Internet, and Sports Betting
June 18, 2024 Marija D
The New Jersey Division of Gaming Enforcement has released the gaming revenue figures for May 2024, revealing notable growth across various segments of the industry. This report highlights the performance of the nine casino hotels, internet gaming, and sports wagering in the state, reflecting the evolving trends and consumer behavior in the gaming market.
Casino Revenue Growth
In May 2024, the nine casino hotel properties in New Jersey reported a total Casino Win of $239.1 million. This figure marks a 5.2% growth compared to the $227.3 million noted in May 2023. Year-to-date, these casino properties have generated $1.11 billion, showing a steady performance with little variation from the previous year’s totals.
The rise in casino revenue suggests a robust recovery and sustained interest in traditional casino gaming. This growth is a positive sign, indicating that more visitors are engaging with land-based casino offerings, perhaps driven by promotional activities and an improving economic landscape.
Internet gaming continues to gain traction, with May 2024’s Internet Gaming Win reaching $192.1 million. This represents a significant 19.0% increase from the $161.4 million stated in May 2023. Regarding the year-to-date period, internet gaming has generated $942.8 million, a 20.6% rise compared to $781.5 million during the same period last year.
The substantial growth in online gaming revenue underscores the increasing popularity and convenience of digital gaming platforms. Players are increasingly turning to online options, attracted by the variety of games and the ease of access from anywhere. This trend is likely to continue as technology advances and more players become accustomed to online gaming environments.
Sports wagering in New Jersey saw mixed results in May 2024. The Sports Wagering Gross Revenue for the month was $78.8 million, reflecting a 4.2% decrease from the $82.2 million reported in May 2023. However, despite the monthly dip, the year-to- date sports wagering revenue stands strong at $513.0 million, a significant 37.0% increase from $374.5 million in the previous year.
The decrease in May’s sports betting revenue might be attributed to seasonal variations in sports events and betting activity. Nevertheless, the overall year-to-date increase highlights the growing popularity of sports betting in New Jersey, driven by a broader range of betting options and enhanced marketing efforts by sportsbooks.
Total Gaming Revenue Overview
The combined total gaming revenue for May 2024, encoming casino operations, internet gaming, and sports wagering, reached $510.0 million. This marks an 8.3% increase from the $470.9 million recorded in May 2023. For the year-to-date period, total gaming revenue has climbed to $2.57 billion, reflecting a 13.1% rise from $2.27 billion in the previous year.
This overall growth in total gaming revenue indicates a healthy and expanding gaming market in New Jersey. The diversified revenue streams from land-based casinos, online gaming, and sports betting contribute to a resilient industry capable of adapting to changing consumer preferences and market conditions.
The May 2024 gaming revenue results paint a promising picture for New Jersey’s gaming industry. The increase in casino wins, substantial growth in internet gaming, and robust year-to-date sports wagering revenue demonstrate the sector’s strong performance and potential for further expansion.
As New Jersey continues to innovate and offer a wide array of gaming options, the state remains a significant player in the national gaming landscape. The ongoing investments in technology, customer experience, and marketing will likely fuel continued growth and attract more participants to both physical and digital gaming platforms.
For a more detailed breakdown and analysis, the Monthly Gross Revenue Reports, Internet Gross Revenue Reports, and Sports Wagering Revenue Reports are available on the Division of Gaming Enforcement’s website. These reports provide valuable data and insights into the performance of New Jersey’s gaming industry, helping stakeholders understand trends and make informed decisions.
The gaming revenue results for May 2024 highlight New Jersey’s dynamic and thriving gaming industry. With steady growth in traditional casino gaming, significant gains in internet gaming, and a strong performance in sports wagering, the state continues to lead in offering diverse and engaging gaming experiences. As the industry evolves, New Jersey’s gaming sector is well-positioned for sustained success and innovation.
Source:
”New Jersey Division of Gaming Enforcement Announces May 2024 Total Gaming Revenue Results”. New Jersey Office of The Attorney General. June 14, 2024.
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The growth trends across different sectors of the gaming industry in New Jersey are impressive. It’s clear that players are engaging more with various gaming options, leading to positive outcomes for the industry as a whole.