Back when New York legalized sports betting, there was a fear that this might negatively impact gambling revenue in neighboring New Jersey, but that most definitely has not been the case.
The latest numbers, covering March 2023, show that gambling revenue in New Jersey saw a 15% year-on-year rise, with revenue hitting a massive $487.4 for the month.
The revenue is also a marked increase on the number for February, which were at $412.2 million. It was land-based slot machines that drove much of the revenue, accounting for $164 million, and table games secured $63.9 million.
Indeed land-based activities covered a total of $228 million of the total $487 million, which shows that traditional forms of casino action are still popular in the state.
The revenue brought in from Atlantic City’s casinos was the highest in ten years, with the director of the Lloyd Levenson Institute at Stockton University, Jane Bokunewicz, commenting on the continued growth in the state;
“Brick-and-mortar revenue, traditionally slow in these (off-peak) months, grew year-over-year by 5.6%, internet gaming is showing no sign of slowing with a monthly year-over-year increase of 17%, and sports wagering, fueled by March Madness, recorded an incredible 82% revenue increase year-over-year for the month,”
In terms of the most successful providers in the state, Borgata raked in $113.5 million from their offline and online assets, Golden Nugget managed $55 million, Hard Rock $49.7 million, and Ocean Casino Resort brought in $39.5 million.
The big numbers in the sports betting field were clearly driven by college basketball’s March Madness bonanza, which led to the total amount bet on sports pushing up over the $1 billion mark, with the casinos making around $93 million in revenue as a result.