New Jersey gaming revenue surges 12% to $461.5 million in February 2024

New Jersey’s total gaming revenue encompassing casino win, internet gaming and sports wagering grew 12% to $461.5 million in February 2024, from $412.2 million reported in the same period last year.

For year-to-date, total gaming revenue stood at $1.02 billion, reflecting a 20.2% increase from $849.1 million reported in the prior year-to-date period, as per data released by the New Jersey Division of Gaming Enforcement.

Casino win for the nine casino hotel properties in New Jersey amounted to $211.6 million in February 2024, marking a 1.6% decrease from the $215 million reported in the same period last year. Year-to-date casino win for these properties totaled $416.3 million, reflecting a 2.4% decrease compared to $426.6 million in the previous year.

Internet gaming win increased 27.9% to $182.3 million in February from $142.6 million while the year-to-date number stood at $365.6 million, reflecting a growth of 23.7%.

Sports wagering gross revenue reported by casinos, racetracks, and their partners was $67.6 million for February 2024, up 23.7% from $54.6 million reported in February 2023. On a year-to-date front, sports wagering numbers stood at $238.3 million, marking an 87.7% increase.

The February performance of New Jersey's gambling industry indicates a mixed picture. While internet gaming and sports wagering gross revenue experienced significant growth, land-based casino saw a small decrease, which has also happened in other recent months.

While the casinos collectively exceeded the $196 million they won from in-person gamblers in February 2019, before the COVID-19 pandemic hit, only three of them individually won more in person this February than they did pre-pandemic.

This is important given casinos consider in-person gambling to be their core business as money from internet gambling and sports betting must be shared with outside parties like sportsbooks and technology platforms, and it is not solely for the casinos to keep.

Last month, the New Jersey Lottery Department unveiled its Fiscal Year 2023 (FY23) Audit Report, showcasing a record-breaking $3.73 billion in sales. This milestone figure marks a 2.55% increase over the previous fiscal year.

A significant outcome of this surge in sales is the Lottery's largest-ever contribution of $1.17 billion to support New Jersey's public employee pension system. This is the sixth time the Lottery’s contribution has surpassed one billion dollars.

In other recent developments within the gambling industry, New Jersey State Senator Joe Pennacchio has renewed his proposal for the introduction of slot machine gambling at horse racetracks in the state.

The legislative initiative put forward by the Senator, SCR14, suggests forming a consortium of Atlantic City's casinos to operate the machines. In contrast to the existing 8% tax rate on gross tax receipts paid by Atlantic City casinos, the proposed arrangement for New Jersey racinos would contribute 50% of the tax receipts, aligning them with the tax structure observed in New York racinos.