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Betting.net / Mixed Fortunes For NJ Gambling Revenues in February 2023

Mixed Fortunes For NJ Gambling Revenues in February 2023

Publish Date: March 31, 2023
Fact checked by: David Genge

February was a month of mixed fortunes for New Jersey’s online gambling operators. While there was a 10.4% rise in year-on-year revenues, this was primarily focused on casino gaming, with the take for sports betting being less impressive. 

New Jersey Gambling Revenues

Gambling operators in New Jersey took in revenues of $412 million which was way up from the $373 million recorded in February 2022. However, it’s worth noting that these revenues are actually down 5.7% compared to the $436 million recorded in January 2023.

Breaking down the figures for NJ casino gaming  in February 2023

The online gambling revenue for New Jersey grew by 9.7% with an overall take of $142.6 million. Of this figure, online slots enjoyed revenues of $140.3 million which was a rise of 9.8%, while online poker gained 2.5% at $2.3 million.

However, the bulk of the overall revenues came from physical slot machines in the state. There was a rise of 3.5% in revenues compared to the previous year with $159.3 million being taken. While this was impressive, there was a slippage in the revenues taken from table games with a fall of 4% to $55.6 million.

There was a familiar range of names making up the top spots in these revenues with Borgata hitting $39.7 million, Golden Nugget with $36.5 million and Resorts taking in $36 million.

Unravelling the sports betting revenues for NJ in February 2023

There was a complicated picture when it came to New Jersey’s sports betting revenues. February saw the state’s sportsbooks taking in $847.4 million in handle. This was a fall of $235 million compared to January and $138 million less than February 2022. What’s most concerning was the fact that the overall revenues in February 2023 was just $54.6 million which was the lowest figure since July 2022.

While there will be concerns about last month’s performance, the overall trend is still fairly positive. This is because January saw New Jersey posting its fourth consecutive month with over $1 billion in sports betting handle. The total sports betting handle for 2022 was nearly $11 billion in New Jersey.

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Bright prospects for the New Jersey gambling industry

New Jersey has pioneered online gambling across the US, and January saw the state’s 2023 legislative session proposing a 10-year extension of the gaming laws. This should help New Jersey to continue to be a leader in online casino gaming and sports betting across the nation.

The New Jersey Division of Gaming Enforcement has also been on hand to bolster the support services for the state’s gamers. This can be seen in a range of new online platforms that study data to identify any problem gaming and stop any issues from getting any worse.

There are also a range of new operators launching in New Jersey with BetMGM’s Wheel of Fortune online casino being one of the most notable entrants into the already vibrant scene.

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