Record-Breaking March for New Jersey’s Gambling Industry
March 2023 was a landmark month for New Jersey’s gambling industry, with online casinos leading the charge in revenue growth. The state reported a staggering $243.9 million from online casinos, marking a 23.7% increase year-over-year and driving total gambling revenues to $546.1 million—up 3.7% from last March.
According to the New Jersey Division of Gaming Enforcement, top online sportsbooks like FanDuel and DraftKings contributed significantly to this surge. FanDuel topped the revenue charts with $52.3 million, closely followed by DraftKings at $49.6 million. Meanwhile, BetMGM experienced the most growth at 42.8%, bringing in $31.6 million.
However, this online success was overshadowed by a downturn in land-based casino revenue, which fell by 3.7% to $230.9 million. Notably, table games saw the biggest decline at 14.6%. The Borgata Hotel Casino & Spa remained the top performer, generating $58.4 million, while Hard Rock Atlantic City reported a slight increase, earning $44.5 million.
Sports betting also experienced a notable decline, with revenues dropping 20.5% to $71.3 million, despite the expected boost from the March Madness event. This pattern reflects a broader trend across multiple states where land-based betting is declining, although new operators like BetFanatics, which earned $4.4 million in its debut, signify continued investment in the sector.
Overall, March 2023 has mirrored national trends with substantial online revenue gains offsetting losses in retail gaming. As New Jersey’s gambling industry continues to evolve, its rich history and robust regulations position it as a leader in the market.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
