New Jersey Sports Betting Dips but Land-Based Casino Revenues on the Rise

by Jenny Tang - Tuesday, May 17th, 2022 10:16

New Jersey Casinos

The New Jersey Division of Gaming Enforcement has released its latest monthly revenue report revealing that total gambling revenue for the month came to $422.5 million during the month of April.
Land-based casino GGR grew by 24% year-on-year

The latest figures represent a slight drop of 0.28% compared to the previous month when total gaming revenue came to $423.7 million. However, this was a 20% increase from $352.2 million reported in April 2021.

Sports betting activity drops

Sports betting in New Jersey dropped below $1 billion in total wagers as local gamblers placed $927 million in wagers throughout the month. This was down by 18.6% on the previous month’s sports betting handle of $1.1 billion. While this was the first month of the year that sports betting activity dropped, it still represents a 24% increase year-on-year.

The drop in activity month-on-month likely stems from the boost sportsbooks enjoyed in March as a result of the NCAA March Madness tournament.

Sports wagering gross revenue as reported by casinos, racetracks, and mobile operators came to $50.3 million marking an 8.2% drop on the $66.4 million reported in March. This brings the year-to-date gross revenue figure to $207.8 million.

Basketball once again proved to be the most popular sport at New Jersey sportsbooks as the NBA Playoffs and the Final Four brought in $323.4 million in wagers. As a result, basketball has generated $2 billion in revenue since the start of 2022.

Of the total sports betting handle, $863.1 million in wagers came through online sportsbooks. FanDuel was the market leader generating $29.2 million in gross revenue while its nearest competitor DraftKings posted revenues of $7.4 million for the month.

Online casino gaming dips slightly

Online gaming operators reported combined revenues of $136.9 million for the month of April. This was a drop of 2.7% on the all-time record of $140.7 million set in the previous month. However, this was a 27% jump on the $107 million reported in April 2021.

The Borgata was once again the online gambling market leader reporting over $39.9 million in revenue for the month, down 3.3% on the previous month. Its nearest competitor Golden Nugget Online Gaming was just behind with online revenues of $38.1 million.

Land-based casinos continue to recover

Land-based casinos have reported yet another hugely successful month as gross gaming revenue (GGR) for the month came to $235.2 million. This was a jump of 8.58% on the previous month’s total of $216.6 million. It was also 24% higher than the figures reported in April 2021 and 13% higher than the $207.6 million reported in April 2019.

MGM Resorts’ Borgata continues to dominate the New Jersey gaming industry. The Marina District casino reported GGR of $61.6 million while Hard Rock was a distant second at $40.6 million.

Jenny Tang

Global iGaming Analyst based in New York City.