New Jersey Enjoys Record November Sports and Online Revenue
LISTEN TO THIS ARTICLE:The New Jersey Division of Gaming Enforcement has announced record revenue for November for sports betting and online gambling. Gaming operators in the US state achieved sports betting revenue of $95.9 million for November 2023, a rise of 19.2% up from $80.4 million in a year-on-year comparison.
The Internet Gaming earnings for the month also saw a healthy increase of 17.4%, up from $146.2 million in November 2022 to $171.6 million for the same period this year. Another record in November for New Jersey was the sports bets revenue wagered at the casinos and three horse tracks saw a new high of $1.62 billion.
Online and Sports Betting Increase in Total Gaming Figures
The Total Gaming figures in November for New Jersey, including land-based casinos, was $482.4 million, an increase of 9.4% compared to the same month last year. The results from November mean that the revenue from internet gaming and sports betting in the state accounts for around 45% of the total gambling earnings for the month.
Rather than diminishing the brick-and-mortar gaming revenues, internet gaming and sports betting seem to be well-received consumer products that are filling a niche for certain gamblers. There will never be a replacement for the in-person gaming experience, and the current relatively flat revenues from brick-and-mortar gaming may be simply evidence of a stable market.
Future of Retail Casinos
The figures from the New Jersey regulator's statement show that there is a sustained increase in internet and sports betting, and this trend may continue.
The gaming industry in the state must account for the fact that there is a sizable shift in the makeup of the overall gambling revenue in the region. Developments in technology have given customers far greater choice in how to place a bet and this may have an effect on retail gaming in the future in the state.
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