New Jersey continues record revenue run with 52% November uptick

New Jersey’s igaming operators, casinos and racetracks built on their record $1bn in revenue in October, with November total gaming revenue rising 52% year on year to $439.6m according to latest data from the Division of Gaming Enforcement (DGE).

Casino revenue for the month was $206.9m, up 41% from November 2020, while Internet Gaming Win rose by 28.5% year on year to $118m over the same period.

Sports betting revenue jumped a whopping 127% to $114.8m for the month compared to just $50.5m in 2020. This set a monthly record for sports betting revenue, despite the $1.26bn in accepted wagers falling just shy of October’s record $1.3bn.

For the year-to-date total gaming revenue has risen 69% to $4.33bn compared to $2.57bn in the same period of 2020.

Of this total, casino represented $2.34bn of the profits, with online gaming producing $1.23bn and sports betting revenue amounting to $756.7m.

It should be noted that Atlantic City Casinos closed on March 16 2020 due to Covid-19, and began reopening on July 2, 2020 with operating restrictions, something which has contributed to the significant rises.

Online casino gaming and sports betting operations continued throughout the period, however most sports wagering events were cancelled during to the pandemic. Thus Casino Win and Sports Wagering Gross Revenue for the year-to-date period ended November 2021 are not directly comparable to 2020.

During November total gaming taxes of $46.5m were collected in New Jersey.

Total gaming taxes reflect 8% of taxable casino gross revenue, 15% of online gaming gross revenue, 8.5% tax on casino and racetrack sports betting gross revenue and 13% tax on casino and racetrack sports betting online gross revenue.