New Jersey Breaks Records with Online Gambling and Sports Betting

December 16, 2023 William Johnson Betting News 0

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New Jersey has again set new records for its online gambling and sports betting industries, generating more than $1 billion in revenue in November. This marks the first time any state has surpassed the billion-dollar mark in a single month for these sectors.

According to the latest figures from the New Jersey Division of Gaming Enforcement, online gambling operators in the state reported $118.3 million in revenue last month, up 86.9% from November 2020. Meanwhile, sports betting operators raked in $931.6 million in revenue, a staggering 246.6% increase from the same period last year.

The combined revenue of $1.05 billion represents a 163.7% growth from November 2020, when the state recorded $398.5 million. It also surpasses the previous monthly record of $958.7 million, which was set in October this year.

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Borgata Still Reigns, But Golden Nugget Shines: While Borgata remains the kingpin, pulling in $97 million in overall revenue (down 8.6% from last year), Golden Nugget stole the spotlight with a 25% increase, raking in a cool $61 million. This shift suggests online players seek fresh experiences, and Golden Nugget’s charm is working its magic.

Hard Rock Hits the Right Chord: Hard Rock isn’t just for classic rock anymore. Their $52.4 million haul, up a whopping 26%, proves they’re strumming the right chord with online gamblers. With their focus on entertainment and immersive experiences, Hard Rock is proving a major draw for a new generation of players.

New Jersey has been leading the nation in online gambling and sports betting since it legalized both wagering in 2013 and 2018, respectively. The state has seen a surge in demand for these services amid the COVID-19 pandemic, which has limited the capacity and operations of land-based casinos.

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The state also benefits from its proximity to New York, which has not yet authorized online gambling or mobile sports betting. Many New Yorkers cross the border to place their bets online in New Jersey, contributing to its booming market.

New Jersey’s success has also inspired other states to follow suit and expand their online gambling and sports betting offerings. According to the American Gaming Association, 32 states and the District of Columbia currently have legal sports betting markets, while six states and DC have legal online casinos.

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About William Johnson 341 Articles
Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.