New Jersey’s gambling market experienced notable shifts in November, with internet gambling and sports betting setting new records, according to data released by the New Jersey Division of Gaming Enforcement.

In November, casinos and their technology partners saw over $171.5 million in winnings from online table games and slots, reflecting a 17.4% growth compared to November 2022’s $146.2 million. Concurrently, the casinos and three horse tracks accepting sports bets recorded $1.62 billion in bets for the month, establishing yet another record, with numbers growing 45% from the $1.1 billion recorded in the corresponding month in the previous year.

The figures underscore the evolving dynamics of the Atlantic City gambling market, signaling a reduced reliance on traditional brick-and-mortar casinos and the growing popularity of online gaming and sports betting. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, noted that internet and sports betting accounted for about 45% of Atlantic City’s revenue in November, as per Associated Press.

The total gaming revenue reported by New Jersey’s casinos, racetracks, and their partners for November 2023 amounted to $482.4 million, reflecting a 9.4% year-on-year increase of $41.4 million. However, it is noteworthy that this figure represents a decline of $4.7 million compared to October 2023’s revenue of $487.1 million. This trend indicates a persistent monthly revenue decrease throughout the year, with October figures trailing 6.6% behind September’s $521.5 million.

Bokunewicz said it remains to be seen how the surge in online and sports betting affects the casinos’ overall profitability, as these revenue streams must be shared with partners like sportsbooks and tech platforms, instead of being solely for the casinos to keep. This is why casinos largely consider money won from in-person gamblers to be their key business, and that key business continues to lag behind pre-pandemic levels.

For the nine casino hotel properties, casino win reached $214.9 million in November, marking a 0.2% increase from the same period in 2022. The growth was driven by a 2.7% rise in slot machine play, counteracting a 6.5% drop in table games revenue. However, of the nine casinos in New Jersey, only two won more from in-person gamblers in November of this year than they did in November 2019, before the pandemic.

MGM Resorts’ Borgata retained its status as the most lucrative property in the state, reporting a casino win of $51.7 million, albeit representing a 6.1% decline compared to November 2022. Bally’s experienced the most significant year-on-year growth, with casino win surging by over 20%. Golden Nugget led in internet gaming win for the month, totaling $50.1 million, marking a robust 32.9% year-on-year increase.

In sports betting, gross revenue reported by casinos, racetracks, and their partners amounted to $95.9 million in November, a substantial 19.2% increase from the $80.4 million reported in the same month last year. Resorts Digital, incorporating DraftKings and Fox Bet, reported the highest sports wagering gross revenue for the month at $19.2 million, a 15.9% year-on-year increase.

For the year-to-date period, total gaming revenue reported by casinos, racetracks, and their partners amounted to $5.3 billion, indicating a 10.5% increase from the $4.8 billion reported in the prior year-to-date period. Year-to-date casino win for the nine casino hotel properties reached $2.6 billion, reflecting a 1.8% increase compared to 2022.

During the same 11-month period, internet gaming win reported by casinos and their partners increased by 15.4% to $1.7 billion. Sports wagering gross revenue reported for the year-to-date period was $897.2 million, marking a robust 32.9% increase from the $675.3 million reported in the previous year-to-date period, with a total sports wagering handle of $10.7 billion, up 8.0%.

Original article: https://www.yogonet.com/international/noticias/2023/12/18/70118-new-jersey-posts-4824-million-gaming-revenue-for-november-driven-by-records-in-online-sports-betting

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