Retail casinos in New Jersey take a hit, gambling soars in July 2023

New Jersey’s casino hotels took a minor hit in July 2023, posting a small contraction of their casino win, the metric that the New Jersey Division of Gaming Enforcement, the state regulator, uses to gauge the economic and financial performance of Garden State’s gambling industry.

Overall, casino win contracted by 3% to $290m in the month of July 2023 from the $299m the casinos posted in July 2022. Despite this small dip, the results for the year remained strong, with the industry posting an overall growth from the previous year of 2.3% to $1.61bn.

Despite the slowdown in the in-person sector, overall, the state performed well. The Division of Gaming Enforcement had a lot to show for in the other verticals it tracks, including Sports Wagering GrossRevenue and Internet Gaming Win. In the case of interactive wagers, results continued to surge.

Casinos and their partners bagged $155.2m during the period, a growth of 13.5% to $136.7m. Overall, internet wagers have amounted to $1.09bn year-to-date or some 14.2% increase from last year’s $951.2m recorded by July 2022. In terms of sports wagers, New Jersey saw another strong performance across the board.

Sports wagering gross revenue continued to increase with the amount collected from casinos, racetracks and their partners sitting at $61m for the month of July. This was a major increase of 35.6% on the $45m generated by the vertical last year over the same period. Meanwhile, the sports wagering gross revenue that was reported by casinos, racetracks and their partners hit $501.8m for the first seven months of the year.

This once again marked a steady increase in the overall performance by 41.9% to $353.7m. Overall, results continued to soar yet another year as reflected by the regulator’s total gaming revenue, which indicated that a total of $506.2m was collected in July 2023.

This was a 5.3% gain on the results in July 2022, when the state’s licensed operators collected $480.7m from gambling. Meanwhile, year-to-date results for 2023 soared to $3.23bn, or an increase of 11% on last year’s $2.91bn recorded over the same period.

The latest results reflect possibly on the overall trend in the Garden State with June also seeing an increase in the overall gaming revenue to $457.2m, or a 13.9% from the previous period in June 2022. July’s results have outperformed both.

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