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November saw major changes to the gambling scene in New Jersey as sports betting and internet gambling hit previously unheard-of heights. The New Jersey Division of Gaming Enforcement revealed data showing that wins from online slots and table games totaled over $171.5 million, a strong 17.4% increase over the same time in 2022.
In November of last year, wagers at the three horse races and casinos in the state that accepted sports bets totaled $1.62 billion, a whopping 45% increase over the $1.1 billion in wagers made at the same time. These numbers demonstrate how Atlantic City’s dynamics are changing, with a growing dependence on sports betting and internet gambling replacing traditional casinos.
The director of Stockton University’s Lloyd Levenson Institute, Jane Bokunewicz, stressed that almost 45 percent of Atlantic City’s November income came from sports and internet wagering. The information highlights how the environment is shifting, with consumers favoring digital platforms over physical stores.
The overall gaming income recorded for November totaled $482.4 million, representing a 9.4% year-over-year rise, despite the boom in online and sports betting. But compared to October’s sales of $487.1 million, this amount shows a reduction, and it has been declining each month of the year.
Bokunewicz questioned the total effect of sports and internet betting on casino profitability, taking into account partner revenue-sharing agreements. The primary source of revenue for casinos is in-person gambling, and this sector is still falling short of pre-pandemic levels.
November’s casino gain for the nine casino hotel properties came to $214.9 million, a little increase of 0.2% over the same time in 2022. The most profitable facility was still MGM Resorts’ Borgata, which reported a $51.7 million casino win, despite a 6.1% decrease from November 2022.
Gross income from sports betting in November was $95.9 million, a significant 19.2% rise over the same month last year. With a gross income from sports wagering of $19.2 million for the month, which represents a 15.9% year-over-year rise, Resorts Digital—which includes DraftKings and Fox Bet—reported the greatest gross revenue.
The entire amount of gaming income recorded for the year to far was $5.3 billion, a 10.5% rise. The combined total casino gain for the nine casino hotel properties this year has been $2.6 billion, which is 1.8% more than in 2022. While sports betting gross income reached $897.2 million, indicating a strong 32.9% growth, internet gaming win recorded for the same time grew by 15.4% to $1.7 billion.