The New Jersey Division of Gaming Enforcement has released its latest monthly revenue report revealing that gambling revenue jumped by 29.5% year-on-year to $373.3 million in the month of February.
Despite being a shorter month, February’s overall gambling revenues in New Jersey dropped by only 2.2% compared to January’s revenue figure of $381.7 million with the latest figures driven by a 43.3% month-on-month surge in land-based casino revenues.
Sports betting suffers big dip
New Jersey Sports betting revenue dropped by 33.2% from $46.2 million in January to just $30.9 million in February. This coincides with the launch on New York mobile sports betting which seems to have had a negative impact on the New Jersey industry. However, NJ gamblers still placed over $985.6 million in wagers throughout the month, the first time in five month’s that the handle had dropped below the $1 billion mark.
Super Bowl betting in February amounted to $143.7 million in wagers up by 22.4% compared to 2021. Mobile sports wagers totaled $899.6 million for the month with the remaining $85.9 million wagered at retail sportsbooks.
The market leaders were once again FanDuel and PointsBet, both partners of Meadowlands. Their combined revenues for the month totaled $13.9 million while Resorts Digital and DraftKings reported $8.6 million in revenues.
Online casino gaming falls short of all-time record
New Jersey Online casino gaming operators saw revenues grow by 38.6% year-on-year to over $130 million. This was still just short of the $137.8 million all-time record set in the previous month. Online slots accounted for the lion’s share of online casino revenues with over $127.7 million while online poker generated $2.2 million in revenue.
The Borgata was the market leader in iGaming reporting over $37.8 million in revenue for the month. Its nearest competitor Golden Nugget Online Gaming posted revenues of $34.6 million.
Land-based casinos report stellar month
Revenues at land-based casinos saw the biggest growth with a 43.3% year-on-year increase reported across the board resulting in revenues of $212.4 million. Of that total, $153.9 million came from slot machines while $58.5 million was generated by table games.
All nine land-based casinos posted revenue increases year-on-year. The Borgata had the highest total revenue at $94.3 million, up 39.5% compared with February 2019. This includes both online gaming and sports betting.
- Borgata — $94.3 million, up by 39.5%
- Hard Rock — $44.7 million, up by 53%
- Ocean Casino Resort — $30.8 million, up by 41%
- Tropicana — $26.1 million, up by 18.5%
- Harrah’s — $19.5 million, up by 30%
- Caesars — $19.1 million, up by 41%
- Resorts — $13.3 million, up by 45%
- Golden Nugget — $12.9 million, up by 45%
- Bally’s — $12.1 million, up by 69%
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.