$1.57 billion of the $1.62 billion November handle came from only online platforms. That represents a 21.7% increase on the $1.29 billion that was risked online in October, which once again points to continued growth in the Garden State.
New Jersey was already one of the most productive and powerful sports betting states, alongside New York, Nevada, Illinois, and a few others. Its continued growth points to it being in for the long haul in an industry that is still only just over five years into its life span, but one that has already swept the nation.
New Jersey bettors have already wagered $10.7 billion since the start of 2023. That has worked to the benefit of the popular gambling destination Atlantic City, which relies heavily on tourism and gaming to sustain its economy.
“Rather than diminishing the brick-and-mortar gaming revenues, internet gaming and sports betting seem to be well-received consumer products that are filling a niche for certain gamblers,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University. "There will never be a replacement for the in-person gaming experience, and the current relatively flat revenues from brick-and-mortar gaming may be simply evidence of a stable market.”
Combined sports betting, in-person, and online gambling revenues reached $482.4 million in November, a 9.4% Y2Y improvement. Borgata led the way with $97 million, though that was an 8.6% Y2Y decrease.
Golden Nugget, Hard Rock, and Ocean Casino won $61 million, $52.4 million, and $36.7 million respectively while all beat their Nov. 2022 totals. Several other casinos filled out the remainder of the revenue share, and only two lost on their previous year’s totals.
