New Jersey's Gambling Industry Reaches New Heights with Record-Breaking Revenue of $5.2 Billion

The year 2022 was a major milestone for New Jersey’s gambling industry. In that period, the state’s gambling revenue reached an all-time high of $5.2bn, with roughly half the amount coming in thanks to in-person gamblers, the New Jersey Division of Gaming Enforcement reports.

Today, we’re going to take a look at how the best New Jersey casino sites as well as various brick & mortar gambling establishments contributed to the state’s record-high gambling revenue and give you a glimpse into this thriving industry.

NJ Online Casinos Were the First To Be Legalized

New Jersey is a pioneer in legalizing online casinos. To get the latest and most up-to-date information on where you can legally gamble, Casinos.us has prepared an NJ online casinos list that compares the leading providers back-to-back.

Moving forward, we’ll be examining some key figures behind the local industry’s successful outlook.

A 10% Year-on-Year Increase

In 2022, the New Jersey gambling industry brought in $5.21bn in revenue – this makes for a 10% year-on-year increase. At the same time, it also happens to be at a level last recorded in 2006. Apart from the best New Jersey online casino sites, the brick-and-mortar casinos and horse tracks are all to thank for the industry’s growth.

New Jersey's 2022 gambling financial outcome closely matches the one from 2006. What followed in the years to come was a massive downward spiral that resulted in the closure of 5 out of 12 New Jersey casinos.

Online Gambling and Sports Betting Both Turned Out To Be Massive Contributing Forces

It turns out that the best NJ online casinos and sportsbooks played a key role in helping the state’s gambling industry reach figures like these.

According to Sarah Grady from the Lloyd Levenson Institute at Stockton University, an enormous amount of work was required to reach the 2006 level of success, both by the casinos as well as the NJ state government.

She went on to state that it’s important to take into consideration how much the market has changed since then. It is her opinion that achieving the recent figures took substantial expansion and diversification of the state’s gambling offerings that allowed it to compete with the ones from the neighboring states.

Goals for the Future

Giannantonio also revealed future plans as they relate to Atlantic City casinos. Allegedly, the general aim is to focus on providing the best possible customer experience.

To get there, they will make significant investments in the casino chain, solidifying its position as one of the world’s finest resorts with shopping, dining, and entertainment offerings.

In-person Gambling Winnings Surpassed Pre-pandemic Levels

Another sign that the local gambling industry is on the road to fast recovery is the fact that in-person gambling winnings not only reached pre-pandemic levels but effectively surpassed them.

The concrete numbers stood at $2.68bn in 2019, and in 2022, the sum totaled at $2.78bn. However, keep in mind this is in terms of winnings. When it comes to in-person casino revenue, only three out of nine casinos managed to surpass their 2019 revenue levels, namely Ocean, Resorts, and Borgata.

Compared to one year prior, not all NJ casinos had a greater total gambling revenue. From top to bottom, these are:

- Borgata ($581m)

- Hard Rock ($576m)

- Ocean ($389m)

- Tropicana ($365m)

- Bally’s ($198m)

Three casinos won less than they did the year prior:

- Harrah’s ($258m)

- Caesars ($239m)

- Resorts ($168m)

As for in-person gambling revenue, the list is as follows:

- Borgata ($724m)

- Hard Rock ($492m)

- Ocean ($356m)

- Harrah’s ($257m)

- Tropicana ($248m)

- Caesars ($235m)

- Resorts ($167m)

- Bally’s ($153m)

- Golden Nugget ($148m)

Land-based Sports Betting Establishments Outperformed 2021 Results by a Tiny Margin

Compared to the financial results in 2021, land-based establishments in New Jersey such as horse tracks and casinos brought in nearly $11bn worth of sports bets in 2022, making for a tiny increase.

After race tracks, casinos, and their online partners paid off their expenses, they were left with $726m in revenue.

December’s Revenue Amounted to a Strong Boost

The overall figures in 2022 got a strong boost from the industry’s performance in December. For that period in time, the gambling revenue stood at $454m, which marks a 12.5% increase compared to last year’s December. In-person casino winnings stood at $215m in December, a 1.8% year-on-year increase.

Conclusion

2022 was certainly a profitable year for the state’s casino industry, with the best NJ online casinos as well as the classic brick & mortar establishments being to thank for the amazing results. As things stand right now, the stifling effects of the pandemic are finally wearing off, picking up the pace for yet another successful year.