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As for record revenue generation, New Jersey went beyond $6.30 billion in gambling, its standout year of accomplishment. The growth is 9.0%, according to NJDGE, increasing from $5.78 billion last year. The reverse drive in land-based casinos, nonetheless, was somewhat offset by the huge gain in the online sports betting sectors of online gambling.
iGaming: Outstanding Performance
iGaming was responsible for huge growth this year with a 24% increase, reaching $2.39 billion. The contribution of iGaming is closing in on that of land-based casinos, at $2.82 billion dollars. The biggest share of online gambling revenue, $2.36 billion, comes from online slots and table games, which saw an increase of 24.5% compared to a year prior. The revenue of peer-to-peer poker games, however, slightly went down by 1.5% - to $28.5 million.
Top iGaming Operators:
- DraftKings and Resorts Casino-Hotel led the iGaming sector with $515 million in revenue.
- FanDuel and Golden Nugget Atlantic City followed with $506.6 million.
- BetMGM and Borgata ranked third with $287.7 million.
With a revenue of $688.9 million in online gambling, Golden Nugget became the premier general license holder with several operators working under its license.
Sports Betting: Another Record-Breaking Year
In addition to setting a new record in New Jersey, revenue from sports betting increased by 8.7% to $1.09 billion. Total sports betting handle went up 6.7% to a record level of $12.77 billion. Of this, $12.27 billion was online, while there were retail wagers of $499.2 million.
Top Sports Betting Operators:
- FanDuel led with $459.4 million in revenue.
- DraftKings and Resorts Casino-Hotel ranked second with $289.1 million.
- BetMGM and Borgata placed third with $70.7 million.
Land-Based Casinos: A Small Decline
Despite maintaining its position as the biggest source of gambling revenue, land-based casinos recorded a slight decline in revenue, by 1.1% to $2.82 billion. Revenue generated by physical slot machines recorded 0.7% less, down to $2.10 billion and that from table games noted even a grimmer decline of 2% to $721 million.
Top Land-Based Casinos:
- MGM's Borgata Casino & Spa led with $738.1 million in revenue.
- Hard Rock Hotel & Casino ranked second with $544.9 million.
- Ocean Resort Casino placed third with $409.7 million.
Performance in December
In December, New Jersey saw total gambling revenue of $522.6 million, a 0.1% increase from the previous year. Strong iGaming with another record month, earning $228.0 million for a 26.5% rise Amost in line with sports betting revenue, that seems to have taken a severe beating on account of bettors having a very favorable month: down 42.6%. Land-based casinos remained practically stable, with very slight slumps in their earning proportions: down just 0.3%, setting the volume at $231.8 million.
Overall, the year represented a watershed moment for New Jersey's gambling industry: online gaming and sports betting were the engines for growth, laying a foundation that could alter and shift market dynamics to come.
DraftKings, Rush Street, and Kambi Fined in New Jersey
The New Jersey Division of Gaming Enforcement has issued a total of $40,000 in fines against DraftKings, Rush Street, and Kambi for an assortment of violations of regulations.
DraftKings was charged a $20,000 fine after accepting wagers for nine months on outcomes of Russian basketball games and unverified table tennis matches. Some NFL preseason wagers were not compliant with regulatory requirements. DraftKings subsequently voided and refunded over $61,000 pertaining to Russian basketball and $6,700 to the NFL to customers.
Rush Interactive was slapped with a $10,000 fine, as these transactions included 16 bets regarding a college basketball match that was already finished, the wagers on Magic City Jai Alai with results already known, and pre-match odds the company laid for a certain PGA event as it was already in play.
Kambi, a sports betting technology firm, was also fined $10,000. The company admitted to several errors, including connection issues that allowed bettors on games that had already taken place, and misclassifying unverified events as being available for betting in New Jersey.
The three companies, as a result of the penalties, have taken corrective action including retraining Kambi employees and changing their procedures in order to prevent such occurrences.
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