New Jersey Gambling Industry Grows 4.4% in AugustThe New Jersey casinos and hotels reported an increase in revenue for August this year compared to last year. It’s good news that both the August figures that the Year-to-date numbers have increased, demonstrating that the casino business is doing well. We have analyzed all the numbers below.
Highlights & Summary
- DGE announces August 2022 Gaming Revenue Results - Released September 16, 2022.
- According to the latest figures from NJ DGE, the gambling industry has grown by 4.4% since August 2021.
- Sports wagering reflects a 25.5% increase compared to the previous period.
- Total gaming revenue 10.1% increase compared to August 2021.
- Slot machines see a 3.2% revenue increase YOY.
August 2022 Gaming Revenue Results For New Jersey
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New Jersey casinos reported an increase in revenue for all forms of gambling for August 2022 when compared to the previous year. We take a deeper look into the breakdown of this revenue, and which aspects of the casino accounted for different percentages.
Which product had the highest revenue in August 2022?
With its popularity in mind, it’s no surprise that the highest revenue comes from slots. A total of $204,348,636 were made by New Jersey casinos in August 2022.
Which product saw the biggest percentage increase in August?
Sports wagering has always proven to be popular, and it’s clear in the numbers that this is the case. It accounted for the biggest percentage increase for the month of August, with a staggering 25.5% jump compared to last year for the same period.
How did the sports wagering revenue compare to online casino games?
Internet gambling did increase during the period of review, and it amassed far more than sports wagering. However, it must be noted that the percentage of sports wagering outweighed online gaming by almost 10%.
Did land-based casinos experience a higher revenue in August than internet games?
Land-based casinos in NJ did generate a higher revenue than online casinos during August. In fact, New Jersey casinos made $142,537,680 more than online platforms.
Having said that, it’s interesting to note that internet gaming enjoyed a higher percentage increase, with 16.1% compared to the 4.4% of land-based casinos.
Did retail sports wagering experience a higher revenue than online?
It shouldn’t come as a surprise that online sports wagering has generated far more revenue than physical retail sites. For August 2022, on-site sports wagering accumulated $37,595,782, which pales in comparison with the online revenue of $509,178,612.
Which sports categories are experiencing the most betting activity?
According to the report, Parlays are the most popular, with casinos raking in $244,008,503, while from the three major sports across the United States, baseball accounted for revenue of $44,970,107.
Which casino licensee contributed the most?
In total gaming revenue, Borgata came out on top of the contributions list with a staggering $120,788,774, with the next best licensee being Hard Rock, with a total of $53,908,418.
What was the total tax contributed to the state of NJ during August?
As part of their license conditions, New Jersey casinos must pay tax from their generated revenue. We’ve broken down the total tax casinos paid for August 2022 into separate categories.
- Gross Revenue Tax: $17,800,609
- Sports Wagering Tax: $343,152
- Internet Gross Revenue Tax: $19,737,937
- Internet Sports Wagering Tax: $7,978,995
Takeaway on Growth of NJ Gambling Industry in August
Judging by what we’ve witnessed in August 2022 in terms of the revenue generation of New Jersey casinos, it’s clear that the sector is continuing to develop and grow at a rapid rate.
Revenue increased substantially at every licensee from 2021 to this year which is an indication that more people are embracing gambling in the Garden State. Furthermore, sports wagering has also accounted for a decent portion of the total income, demonstrating that Americans love betting on sports.
Resources & Sources
- DGE Announces August 2022 Gaming Revenue Results, New Jersey Office of the Attorney General, accessed on October 19th, 2022 <http://www.nj.gov/oag/ge/docs/Financials/PressRelease2022/August2022.pdf>