New Jersey On Target To Surpass $5 Billion This Year In Revenues

New Jersey saw a big increase in iGaming Gross Gaming Revenue (GGR) in October 2023, surpassing figures from the previous year and showing a significant surge compared to the same period in 2019. This growth mainly benefited online casinos and sports betting.

In October 2023, the total GGR generated by New Jersey’s gaming industry reached $487.13 million, reinforcing the state’s trajectory to surpass $5 billion in total gaming revenue for the year. This figure represents a nearly 13% improvement from October 2019, showing the consistent growth and resilience of the industry.

While online gaming had remarkable success, brick-and-mortar casinos in Atlantic City also saw a resurgence. October 2023 alone witnessed $228 million in casino revenue, making it the second-best October in 12 years for the physical casinos in the city. This unexpected boost breathed new life into the iconic gambling destination.

The success of New Jersey’s gaming industry can be attributed to various factors, including advancements in online gaming technology, a growing customer base, and the state’s proactive regulatory approach. With more consumers turning to online platforms for their gaming needs, online casinos and oddsmakers have become significant players, contributing to a dynamic and competitive market.

Sports betting, in particular, earned substantial profits of $92.3 million from nearly $1.3 billion in bets wagered during October 2023. This impressive figure highlights the increasing popularity of sports betting and the growing participation in this form of gambling. The convergence of online casinos and sports betting has fueled the industry’s growth and attracted a diverse range of players.

The positive momentum extends beyond October, as the nine physical casinos in Atlantic City generated a cumulative GGR of $2.4 billion through the first 10 months of 2023. This represents a 3.4% improvement from the same period in 2022 and further solidifies the industry’s upward trajectory, setting a promising stage for the future.

The remarkable growth in New Jersey’s gaming industry reflects the state’s commitment to providing a safe and regulated gambling environment. By implementing strict guidelines and robust oversight measures, New Jersey has fostered an atmosphere of trust and transparency, attracting both local and international players. This regulatory framework has been instrumental in the industry’s success.

Industry experts have praised the state’s efforts, recognizing them as crucial drivers behind the industry’s remarkable achievements. The combination of a thriving online gaming market and a resurgent brick-and-mortar sector has positioned New Jersey as a leading destination for gambling enthusiasts. The state’s adaptability and innovation have set a benchmark for other states to follow.

As the year comes to a close, all eyes are on New Jersey’s gaming industry. With the potential to exceed $5 billion in total gaming revenue, the state’s success story is far from over. The continued growth of online casinos and the resurgence of brick-and-mortar properties in Atlantic City are poised to propel the industry to new heights.

 

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New Jersey On Target To Surpass $5 Billion This Year In Revenues
Source: Trend Philippines News